IMF Expects Saudi Economic Growth, Lauds Reforms

International Monetary Fund logo is seen inside the headquarters at the end of the IMF/World Bank annual meetings in Washington, US, October 9, 2016. REUTERS/Yuri Gripas
International Monetary Fund logo is seen inside the headquarters at the end of the IMF/World Bank annual meetings in Washington, US, October 9, 2016. REUTERS/Yuri Gripas
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IMF Expects Saudi Economic Growth, Lauds Reforms

International Monetary Fund logo is seen inside the headquarters at the end of the IMF/World Bank annual meetings in Washington, US, October 9, 2016. REUTERS/Yuri Gripas
International Monetary Fund logo is seen inside the headquarters at the end of the IMF/World Bank annual meetings in Washington, US, October 9, 2016. REUTERS/Yuri Gripas

The International Monetary Fund (IMF) lauded the positive economic reforms carried out by Saudi Arabia, describing initiatives that aim at increasing non-oil revenues as achievements.

Following discussions with Saudi officials, an IMF team led by Tim Callen reported that growth was expected to pick up this year and over the medium-term “as reforms take hold.” It also expected a progress in implementing the ambitious reforms within Saudi Vision 2030.

The fund reported considerable progress being made to improve the business climate. Recent efforts had focused on the legal system and business licensing and regulation. The public procurement law that is being updated had a key role to play in strengthening anti-corruption policies, said the IMF.

The IMF pointed out that the public sector in the kingdom can act as a motivator for development in some new sectors.

The Ministry of Finance welcomed the statement issued by the IMF which forecast improving growth for the current year and over the medium-term as reforms take hold. Minister of Finance Mohammed al-Jadaan said the statement confirms the progress made by the government in implementing economic and structural reforms, especially in the light of the positive results of the first quarterly report on the performance of the general budget for the current year 2018.

Saudi Arabia’s non-oil revenue climbed 63 percent in the first quarter of 2018, compared with the same period in the previous year. Total revenues of the first quarter reached around SAR166.2 billion (USD44.32 billion), rising 15 percent compared with the same quarter in 2017. Non-oil revenues reached around SAR52.3 billion (USD13.9 billion) in the first quarter of 2018, rising 63 percent compared with the same quarter in 2017.



Saudi Arabia World Leader in Road Network Connectivity

The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)
The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)
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Saudi Arabia World Leader in Road Network Connectivity

The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)
The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)

Saudi Arabia ranks first globally in road network connectivity and has made significant strides, advancing to fourth place in road quality among G20 nations. These achievements are part of the Kingdom’s ongoing efforts to enhance road safety, which have contributed to a nearly 50% reduction in traffic fatalities.
Saudi Minister of Transport and Logistics, Eng. Saleh Al-Jasser, announced these figures on Sunday, during his opening remarks at the Road Safety and Sustainability Conference under the theme “Innovating for Tomorrow,” attended by over 1,000 experts from 50 countries.
Al-Jasser highlighted that the Kingdom has implemented numerous initiatives to maintain the safety and quality of its road network. These include “the adoption of performance-based contracts to ensure transparency, optimize spending, and improve quality and service standards,” all in line with the objectives of the National Transport and Logistics Strategy under Vision 2030.
At a press conference on the sidelines of the event, acting CEO of the General Roads Authority, Eng. Badr Aldulami, shared that the Ministry of Transport oversees more than 75,000 kilometers of roads, while the Ministry of Municipal and Rural Affairs is responsible for over 115,000 kilometers, totaling nearly 200,000 kilometers designed to meet the highest standards in execution, quality, and safety.
For his part, Eng. Abdullah Al-Mogbel, honorary president of the International Road Federation, emphasized Saudi Arabia’s longstanding partnership with the federation, which includes over 119 member countries. He noted that the Kingdom has co-organized five conferences with the federation, all focused on improving road safety, maintenance, and performance.
The General Authority for Roads’ spokesperson, Abdulaziz Al-Otaibi, noted that road fatalities have decreased from approximately 28 per 100,000 people in 2016 to 13 currently, with a target of reducing this to 5 by 2030. This progress has been achieved by adopting advanced technologies, methodologies, and large-scale projects, including the use of a global AI-powered fleet to survey the entire road network, assessing factors such as cracks, skid resistance, and road strength.
He further noted that the Kingdom aims to preserve the environment through asphalt recycling technologies, which have cut maintenance time by up to 40% and reduced carbon emissions.
The conference, spanning two days, will feature over 130 scientific papers and showcase approximately 27 innovations and modern technologies, focusing on innovative transportation solutions and government policies aimed at reducing emissions and seamlessly integrating green infrastructure to enhance road safety. The event also includes an exhibition featuring 20 entities showcasing the latest developments in artificial intelligence, intelligent transport systems, and sustainable transportation.