Washington- Masood Ahmed, Director of International Monetary Fund of the Middle East and Central Asia Department, has welcomed the economic reform and structuring Saudi Arabia has carried out, clarifying that it has contributed to supporting the economic situation, covering the budget deficit, and managing governmental expenditure, especially in light of the declining oil prices.

The IMF Director confirmed in an interview with Asharq Al-Awsat that the Saudi plans on expenditure management and controlling the budget deficit, over the next years, grants investors more trust on the investment outlook in Saudi Arabia. “All the measures taken are good, because they help ensure that the Kingdom of Saudi Arabia maintains the monetary flexibility needed in light of the declining oil prices”, he assured.

“What the Saudi administration had done on monetary reform was carried out quicker than expected, which will influence the slowed down economic growth in comparison to the precedent year. But the reforms and the decreasing of expenditure will later on push the Saudi economy upwards, which will result in a rise based on strong monetary fundamentals”, IMF Director Ahmed added.

Ahmed praised the diversification of economy Saudi Arabia is working on, which frees its economy from oil dependency saying, “This is crucial to making the Saudi economy flexible in facing the declining oil prices, in addition to providing the citizens of Saudi Arabia working under the public sector with employment opportunities in the private sector.”