VOL. XLIII

No. 06

7-February-2000

SAUDI ARABIA

IMF Commends Tighter Saudi Fiscal Management But Says Situation Still Vulnerable

Saudi Arabias efforts to tighten fiscal management during the period of low oil prices the average price for Saudi oil exports fell to $11.8/B in 1998 succeeded in increasing non-oil revenues by 35%, but the country still lacks fiscal diversification and remains heavily dependent on oil receipts. As a result, says the latest International Monetary Fund (IMF) Article IV...