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 Records Significant Increase in Potato Production

Saudi Arabia Records Significant Increase in Potato Production
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Saudi Arabia Records Significant Increase in Potato Production

Saudi Arabia Records Significant Increase in Potato Production

The Saudi Ministry of Environment, Water and Agriculture announced a remarkable 47% increase in potato production in 2023, achieving a self-sufficiency rate of 86% with over 621,750 tons of potatoes produced compared to 423,770 tons in 2021.

This milestone was achieved after more than 17,000 hectares of land were cultivated with potatoes in 2023, up from 15,890 hectares in 2021. The potato production surge has positively impacted the manufacturing sector, stimulating investment and the use of advanced technologies.

According to the Ministry, overall vegetable production in 2023 reached 3.21 million tons, marking a 19% rise from 2020.

The significant improvement in agricultural productivity and its SAR109 billion contribution to the GDP are attributed to the Ministry's strategic initiatives focused on boosting self-sufficiency, attracting investments, and providing financial support, including increased financing rates for modern technology-based projects.

By prioritizing local production and reducing reliance on imports, the ministry aims to achieve the goals outlined in Saudi Vision 2030 and diversifying the national economy.