Kingdom of Saudi Arabia, Riyadh, 22 May 2018.

The Ministry of Finance welcomed the Statement issued by the Mission of Experts of the International Monetary Fund, who visited the Kingdom of Saudi Arabia for the Article IV consultation during the period (2-14 May 2018). The statement indicated that growth will improve for the current year and in the medium term and that progress is being made in the implementation of the ambitious reforms under Vision 2030. The statement considered the implementation of some of the revenue initiatives a great success. The statement also pointed out that the improvement of the business climate is witnessing significant progress through the modernization of the Government Tenders and Procurement law, and licensing and organization of enterprises. The statement stressed the importance of supporting growth and equity by providing more funding for SMEs, further developing debt bond markets as planned, and improving access to finance, especially for women.

Commenting on the statement, His Excellency Mr. Mohammed Al-Jadaan the Minister of Finance said that the statement assures that the Kingdom of Saudi Arabia has made significant progress in implementing economic and structural reforms, particularly in the light of the positive results of the first quarterly report of the performance of the general budget for the year 2018. Mr. Al-Jadaan also pointed out that efforts are being exerted to achieve the strategic objectives of the Saudi Vision and address the challenges that might be faced under the guidance and support of our leadership.