IMF gives a thumbs up to Saudi economy

IMF gives a thumbs up to Saudi economy

STABILITY: Growth above 4 percent is expected in 2014 and 2015.

JEDDAH: ARAB NEWS

Published — Thursday 22 May 2014

http://www.arabnews.com/news/574866

Saudi Arabia continues to play a crucial role in stabilizing the global oil market, which contributes positively to the global economy, according to the International Monetary Fund.

“The economic outlook in Saudi Arabia remains favorable,” said Tim Callen, IMF mission chief to Saudi Arabia. “Growth above 4 percent is expected in 2014 and 2015, led by government spending and robust private sector activity. Risks around this growth outlook are evenly balanced. Inflation is likely to remain subdued,” the statement added.

A team led by Tim Callen, IMF mission chief to Saudi Arabia, held discussions during May 4-15 on the 2014 Article IV Consultation with Saudi Arabia.

The completion of the Article IV Consultation is subject to the discussion by the IMF Executive Board.

Callen made the statement at the conclusion of the mission.

It added: “The economic outlook in Saudi Arabia remains favorable. Growth above 4 percent is expected in 2014 and 2015, led by government spending and robust private sector activity. Risks around this growth outlook are evenly balanced. Inflation is likely to remain subdued.

“Saudi Arabia continues to play a systemic role in stabilizing the global oil market, which contributes positively to the global economy. Regionally, Saudi Arabia is a generous provider of financial assistance to other countries, while remittances sent home by expatriates working in the country are an important source of income for many countries.

“The government is undertaking an ambitious economic reform and investment program to further develop and diversify the economy and create jobs, and important progress is being made. The program is focused on further developing infrastructure, improving the business environment, increasing the quality of education and skills, and employing more Saudi nationals in the private sector.

“The IMF expects the fiscal surplus to decline further in 2014 as government spending increases, and the budget may move into deficit in the next few years. It is therefore important to slow the growth of government spending. The substantial fiscal buffers that the government has accumulated over the past decade already provide important protection to the economy in the event of a negative shock such as a fall in oil prices, and should be maintained. In addition, the authorities have initiated actions to strengthen the fiscal framework and they are encouraged to build on this progress to further reform the annual budget, introduce a medium-term budget framework, and develop tools to manage the volatility of oil revenues.

“Monetary and macroprudential policy settings are appropriate given the subdued inflation outlook. Equity prices, however, have risen strongly over the past year, and should be carefully monitored in the period ahead. The introduction of a formal macro-prudential framework would strengthen the financial stability framework.”

International Monetary Fund (IMF)

“Stability and Growth for Poverty Reduction” (Past Research on the International Monetary Fund (IMF)

Wednesday, May 21, 2014

http://thesteadydrip.blogspot.com/2014/05/stability-and-growth-for-poverty.html

Note: Mohamed A. El-Erian was the deputy director for the International Monetary Fund (IMF), and is a trustee at the Carnegie Endowment for International Peace (think tank).

Open Society Foundations was a funder for the Carnegie Endowment for International Peace (think tank), and the Atlantic Council of the United States (think tank).

George Soros is the founder & chairman for the Open Society Foundations.

Jessica Tuchman Mathews is the president of the Carnegie Endowment for International Peace (think tank), a director at the American Friends of Bilderberg (think tank), and a 2008 Bilderberg conference participant (think tank).

Ed Griffin’s interview with Norman Dodd in 1982

(The investigation into the Carnegie Endowment for International Peace uncovered the plans for population control by involving the United States in war)

http://www.illuminati-news.com/110106a.htm

Chas. W. Freeman Jr. is a trustee at the Carnegie Endowment for International Peace (think tank), a director at the Atlantic Council of the United States (think tank), the chairman for the Projects International, Inc., was the National Intelligence Council chairman nominee for the Barack Obama administration, a U.S. ambassador for Saudi Arabia, and the assistant secretary for the U.S. Department of Defense.

Chuck Hagel was the chairman for the Atlantic Council of the United States (think tank), and is the secretary at the U.S. Department of Defense for the Barack Obama administration.

Alexander H. Platt is the EVP for Projects International, Inc., and a trustee at the Carnegie Council for Ethics in International Affairs.

Zachary Karabell is a trustee at the Carnegie Council for Ethics in International Affairs, and a director at the New America Foundation.

Foundation to Promote Open Society was a funder for the New America Foundation, and the Carnegie Endowment for International Peace (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

Douglas A. Rediker was a senior fellow at the New America Foundation, and the U.S. alternate executive director for the International Monetary Fund (IMF).

Mohamed A. El-Erian was the deputy director for the International Monetary Fund (IMF), and is a trustee at the Carnegie Endowment for International Peace (think tank).