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Saudi Arabia has seen a “significant acceleration in reforms,” with the unveiling of Deputy Crown Prince Muhammad bin Salman’s Vision 2030, the IMF says in its latest Article IV consultation with the kingdom. The Vision “sets out the goal of an appropriately bold and far reaching transformation” of the Saudi economy, with the objective of diversifying growth, reducing oil dependence, expanding the role of the private sector, and creating more jobs for Saudis, the IMF says.
For years the IMF has urged Saudi Arabia and other GCC states to adopt economic reforms and other measures to reduce oil dependency, so it can hardly fail to commend their planned implementation. However, the IMF notes that it awaits “the supporting policies [to] be set out in the coming months… to set out how these goals will be achieved.” “To ensure their success, the reforms will need to be properly prioritized and sequenced, and the appropriate pace of implementation carefully assessed,” the Fund says.
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