IMF Managing Director Kristalina Georgieva speaks on the sidelines of the IMF and World Bank annual meetings
International Monetary Fund (IMF) Managing Director Kristalina Georgieva said structural and fiscal reforms implemented by Saudi Arabia and the GCC countries in the recent years have helped build economic and fiscal buffers that are clearly paying off amid current shocks. 
Speaking on the sidelines of the IMF and World Bank annual meetings on Oct. 14, Georgieva praised the GCC countries’ efforts to strengthen fiscal discipline and advance structural reforms, urging them to maintain this course in the coming period.
She cited Saudi Arabia as an example of policies that have strengthened fiscal resilience against shocks, pointing to the introduction of value-added tax (VAT) during the COVID-19 pandemic to boost domestic revenues.
Georgieva added that the GCC countries, especially Saudi Arabia, have made significant progress in diversifying their economies away from oil, noting that non-oil activity growth outpaced oil sector growth before the war and continued to do so during the conflict.
She said the Saudi economy is of considerable importance to the region and the world, meaning that any adverse developments affecting the Kingdom could have repercussions extending beyond its borders to other economies.
IMF Managing Director Kristalina Georgieva speaks on the sidelines of the IMF and World Bank annual meetings
International Monetary Fund (IMF) Managing Director Kristalina Georgieva said structural and fiscal reforms implemented by Saudi Arabia and the GCC countries in the recent years have helped build economic and fiscal buffers that are clearly paying off amid current shocks.
Speaking on the sidelines of the IMF and World Bank annual meetings on Oct. 14, Georgieva praised the GCC countries’ efforts to strengthen fiscal discipline and advance structural reforms, urging them to maintain this course in the coming period.
She cited Saudi Arabia as an example of policies that have strengthened fiscal resilience against shocks, pointing to the introduction of value-added tax (VAT) during the COVID-19 pandemic to boost domestic revenues.
Georgieva added that the GCC countries, especially Saudi Arabia, have made significant progress in diversifying their economies away from oil, noting that non-oil activity growth outpaced oil sector growth before the war and continued to do so during the conflict.
She said the Saudi economy is of considerable importance to the region and the world, meaning that any adverse developments affecting the Kingdom could have repercussions extending beyond its borders to other economies.
