The IMF: Oil prices cut growth estimates of Saudi Arabia

The IMF cut its growth forecast of Saudi Arabia, raising the deficit, as a result of the negative impact exerted by low oil prices.

The warning was launched by the experts of the IMF during the annual mission to Riyadh, which shows a growth estimate of 1.2% compared to 3.5% in 2015. At the same time, experts have raised their estimate on the current account deficit, arising from exchanges of goods and services and financial flows to 9% of GDP and the budget deficit to 14% of GDP.

But Washington's emissaries have positively assessed the reforms pool announced some weeks ago by the Prince Mohammed bin Salman, which aims to reduce dependence on exports and the oil market over 15 years.