IMF praises Saudi COVID-19 economic response and 13 pct increase in female workers

IMF praises Saudi COVID-19 economic response and 13 pct increase in female workers

An International Monetary Fund (IMF) mission to Saudi Arabia rated the Kingdom’s economic response to the COVID-19 pandemic as mostly positive, praising a 13 percent increase in female workers and financial support measures for businesses.

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The IMF statement highlighted the fact that the Saudi unemployment rate is falling and projected GDP growth of 2.1 percent for 2021 and 4.8 percent in 2022, an improvement from 2020’s contraction of 4.1 percent.

Saudi Arabia’s Ministry of Finance welcomed the Staff Concluding Statement of the 2021 Article IV Mission, with minister Mohammed al-Jadaan saying it “reaffirms the success of the Kingdom’s government in achieving positive results and tangible successes during the most challenging year for the whole world.”

The IMF said: “The authorities responded quickly and decisively to the COVID-19 crisis and the economic recovery that is underway is expected to continue.”

Fiscal, financial, and employment support programs introduced by the government and central bank helped cushion the impact of the pandemic on businesses and Saudi workers, the report said.

Non-oil GDP growth in Saudi Arabia is projected at 3.9 percent in 2021 percent in 2022, compared to a 2.3 percent contraction in 2020, according