IMF chief: Saudi economy a bright spot amid global crises

IMF chief: Saudi economy a bright spot amid global crises

RIYADH — International Monetary Fund (IMF) Managing Director Kristalina Georgieva said on Monday that the performance of the Saudi economy is a bright spot amid global crises. She pointed out that the global economy has become bleak, saying, “we are going through difficult times.”

Georgieva made the remarks during the 117th meeting of the Financial and Economic Cooperation Committee of the Gulf Cooperation Council (GCC) here on Monday. The meeting was chaired by Saudi Minister of Finance Mohammed Al-Jadaan. On the sidelines of the meeting, the Ministry of Finance signed a memorandum of understanding (MoU) with IMF with regard to setting up of IMF’s regional office in the Kingdom.

The IMF chief stressed her keenness to discuss prospects of economic cooperation with Saudi Arabia. The IMF expects that Saudi Arabia would become one of the fastest growing economies in the world, with its gross domestic product (GDP) posting a growth rate of 7.6 percent this year. Georgieva expected that the GCC countries would achieve a growth rate of 6.5 percent this year, and the momentum of economic growth in the Gulf region would continue.

At the end of the two-day visit to Riyadh, the IMF chief said in a statement that her visit