The latest recalibrations and modifications made by Saudi Arabia on a few of its megaprojects under Vision 2030 have been warmly received by the International Monetary Fund.
According to Jihad Azour, the director of the IMF’s Middle East and Central Asia department, “we are almost at a midpoint in the Vision 2030,” and “those recalibrations are part of the classical revision of any medium-term strategy.”
A recent report by Bloomberg News states that the Kingdom is reviewing its major projects, reprioritizing spending, diverting funds, and adjusting budgets. Reuters also reported in May that the Public Investment Fund “is weighing a reorganization that includes reprioritizing projects and reviewing some expenses.”
According to Azour, the IMF is happy to hear this since Saudi authorities are now reviewing and adjusting their investment plans.
Increasing demand, the effects of structural reforms that have, for instance, improved economic activity but also improved the employment indicators, the doubling of women’s participation in the economy, and a decline in unemployment are all contributing factors to Saudi Arabia’s non-oil growth, according to Azour, who made this statement in an interview with Joumanna Bercetche on Bloomberg’s Horizons Middle East and Africa program.
He continued, “the growth in the economy is being driven by structural reforms, investment, and increasing demand by opening a number of new sectors.”
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