Middle East Economic Survey

VOL. XLVIII

No 4

24-January-2005

SAUDI ARABIA

IMF Urges Fiscal Framework To Reduce Saudi Vulnerability To Oil Price Volatility

The IMF has urged Saudi Arabia to develop a formal medium-term budget framework and adopt fiscal reforms to improve budget management and reduce the kingdoms vulnerability to oil price fluctuations. Following article IV consultations completed on 22 December, the IMF said that fiscal reforms were needed on both the expenditure and revenue sides...