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IMF declares that there is no impact on the Saudi economy as a result of the war in Ukraine

International Conference on Philosophy kicks off in Riyadh

 

 

 

Amin Mati, the director of the IMF mission in Saudi Arabia, claimed that the war in Ukraine had little effect on the Saudi economy because there are limited economic ties and imports of wheat and grains from that region.

Amin Mati said, the high oil prices are a side effect of the conflict in Ukraine but it directly benefits Saudi Arabia’s economy, surplus, and reserves.

The director of the mission said that the factors that the fund is monitoring are the implementation of the reform agenda in Vision 2030, and it is progressing very well

He added that the risks facing the Saudi economy are the risks of the global economy, such as a further rise in food prices

the external risks to Saudi Arabia are the global economy, from China or other more advanced countries, which threatens to reduce demand, and therefore the oil demand will decline and its prices will be affected.

Amin Mati said that the Fund’s recommendations to Saudi Arabia are to maintain the momentum of reforms regardless of developments in oil prices

He added that the Fund’s report also recommends the implementation of several structural reforms, such as labor market reforms, business climate, digitization, and others.

He pointed out that another recommendation is to ensure that the participation of the sovereign fund and others is always to support the private sector and maximize returns to help the Saudi economy.

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