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Saudi non-oil sector to grow 2.9% in 2019 – IMF

Saudi non-oil sector to grow 2.9% in 2019 – IMF
The fund referred to the reforms in the financial market

Riyadh – Mubasher: The economic reforms and the recovery in the non-oil sector boosted the Saudi economy in 2018, the International Monetary Fund (IMF) said.

The Saudi non-oil sector is expected to growth by 2.9% in 2019, driven by the increase in public spending and the introduction of new reforms, the international financial organisation revealed, according to Saudi Gazette.

“The [IMF’s] statement indicated an improvement in the transparency of government spending and public finance. The statement emphasised the continuation of reforms aimed at strengthening the country's development of general budgeting and a mid-term public finance framework,” the Saudi website reported.

The fund referred to the reforms in the financial market, which saw Saudi Arabia listed in the global stock and bonds markets indices, along with the expansion of the government bonds yield.

This statement stresses the Saudi government successful implantation of the economic and structural reforms, finance minister Mohammed Bin Abdullah Al-Jadaan said.

Earlier in May, MSCI Inc. added the MSCI Saudi Arabia index to its emerging-markets index (EM Index).

The US-based index compiler said the stocks of 30 Saudi firms will be added, accounting for an aggregate weight of 1.42% in the MSCI Emerging Markets Index.