IMF ‘is too pes­simistic’ on Saudi eco­nomic prospects

Arab News - - Front Page - Frank Kane

Saudi Ara­bia does not share the In­ter­na­tional Mon­e­tary Fund’s pes­simism about its eco­nomic prospects, the cen­tral bank gov­er­nor said on Tues­day.

The IMF has pre­dicted that COVID-19 lock­downs and the fall in oil prices would shrink the Saudi GDP by 6.8 per­cent this year, but that did not cor­re­spond with the views of the King­dom’s in­de­pen­dent ex­perts, Saudi Ara­bian Mon­e­tary Author­ity chief Ahmed Ab­dulka­rim Alkho­lifey said.

“The IMF fore­casts are much more pes­simistic than ours,” Alkho­lifey said. “The IMF must have its own rea­sons for reach­ing that. There have been big changes and huge mod­i­fi­ca­tions from the pan­demic.”

He said the King­dom’s own pro

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