IMF Commends Saudi Reforms within Vision 2030

The Kingdom Tower stands in the night above the Saudi capital Riyadh November 16, 2007. REUTERS/Ali Jarekji
The Kingdom Tower stands in the night above the Saudi capital Riyadh November 16, 2007. REUTERS/Ali Jarekji
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IMF Commends Saudi Reforms within Vision 2030

The Kingdom Tower stands in the night above the Saudi capital Riyadh November 16, 2007. REUTERS/Ali Jarekji
The Kingdom Tower stands in the night above the Saudi capital Riyadh November 16, 2007. REUTERS/Ali Jarekji

Timothy Callen, IMF Mission Chief for Saudi Arabia, lauded the reforms implemented by Saudi authorities within Saudi Vision 2030 from “adjusting fiscal policy to the realities of lower oil prices,” enhancing the business environment and increasing transparency.

Callen also praised the kingdom’s permission for women to drive, noting that it is a great step in the field of encouraging recruiting, productivity and women participation in the labor force.

In a news conference on the outcomes of Article IV Consultations with Saudi Arabia and the issuance of Financial Sector Assessment Program (FSAP), lead researcher Mostafa El-Sayed and Timothy Callen asserted that the Saudi authorities succeeded in adopting reforms that led to the decline of the deficit in a high rate.

Saudi Finance Minister Mohammed al-Jadaan welcomed the report that clarifies the positive impact of economic reforms performed by the kingdom within Saudi Vision 2030.

IMF staff commended Saudi Arabia' efforts to enhance non-oil revenue and welcomed its plan for further energy price reforms. They welcomed recent improvements in the fiscal framework and fiscal transparency, as well as the findings of the Financial System Stability Assessment report that showed banks are well regulated and supervised.

They also mentioned the good progress being made in identifying and removing obstacles to private sector growth, but stressed that increasing the employment of Saudi nationals in the private sector was essential.

According to the report, non-oil growth is projected to pick up to 1.7 percent in 2017. The fiscal deficit is projected to narrow substantially in the coming years. It is expected to decline from 17.2 percent of GDP in 2016 to 9.3 percent of GDP in 2017, and to just under 1 per cent of GDP by 2022.



Trump Says US May Not Have a Negotiated Trade Deal with Canada

 25 July 2025, US, Washington: US President Donald Trump speaks to the media before heading to Scotland this weekend for meetings and to play golf. (dpa)
25 July 2025, US, Washington: US President Donald Trump speaks to the media before heading to Scotland this weekend for meetings and to play golf. (dpa)
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Trump Says US May Not Have a Negotiated Trade Deal with Canada

 25 July 2025, US, Washington: US President Donald Trump speaks to the media before heading to Scotland this weekend for meetings and to play golf. (dpa)
25 July 2025, US, Washington: US President Donald Trump speaks to the media before heading to Scotland this weekend for meetings and to play golf. (dpa)

The United States may not reach a negotiated trade deal with Canada, US President Donald Trump said on Friday, suggesting his administration could set a tariff rate unilaterally.

Trump, speaking to reporters as he left the White House for a trip to Scotland, said, "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation."

The two nations are trying to work out a trade deal before August 1, when Washington is threatening to impose 35% tariffs on all Canadian goods not covered by the US-Mexico-Canada trade agreement.

Prime Minister Mark Carney's office did not immediately respond to a request for comment. Canadian officials have increasingly made clear that the chances of a deal by August 1 are unlikely.

Dominic LeBlanc, the federal cabinet minister in charge of US-Canada trade, told reporters in Washington on Thursday after two days of talks that "we've made progress, but we have a lot of work in front of us."

LeBlanc said Canada would take the time necessary to get the best deal possible.

Carney indicated last week that Canada might not be able to persuade the United States to lift all its sanctions.