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Saudi Gazette
a day ago
- Business
- Saudi Gazette
IMF praises Saudi economic resilience, inflation control, and Vision progress
Saudi Gazette report RIYADH — The Ministry of Finance has welcomed the Concluding Statement issued by the International Monetary Fund (IMF) following the completion of its 2025 Article IV Consultation with the Kingdom. The statement highlighted the resilience of Saudi Arabia's economy amid global uncertainty, driven by robust non-oil sector growth, low inflation, and record-low unemployment, all aligned with the strategic goals of Vision 2030. In a press release, the ministry noted the IMF's commendation of the Saudi government's efforts to reinforce fiscal sustainability and its ability to absorb economic shocks. The experts observed that strong domestic demand continues to fuel economic momentum despite global headwinds, reflecting the effectiveness of major Vision 2030 projects supported by both public and private investments. The IMF experts highlighted the Kingdom's success in containing inflation, which stood at 2.3% in April 2025, and is expected to remain near 2%. This stability is underpinned by several factors, including the riyal's peg to the US dollar, supportive government policies, lower transportation and communication costs, and a cooling of residential rent inflation. Imported inflation, largely stemming from global tariff increases, remains under control. The report also praised the Saudi Central Bank (SAMA) for enhancing its liquidity management framework, noting its role in maintaining stable monetary conditions. The experts acknowledged SAMA's continuous efforts to improve regulatory and supervisory mechanisms and further strengthen oversight in the financial sector. A key focus of the statement was the Kingdom's reform trajectory since 2016. The IMF noted the wide-ranging progress in business regulation, governance, labor markets, and capital market reforms. It cited new regulations enacted in 2025, including an updated investment law, labor law amendments, and a modernized commercial registration system. These initiatives are expected to enhance investor confidence, stimulate productivity, and support sustained non-oil sector growth. The IMF stressed the need for continued fiscal reform and a strong medium-term fiscal framework to maintain the sustainability of public finances and achieve Vision 2030's long-term objectives. The Concluding Statement represents the preliminary findings of the IMF mission and forms part of its annual economic consultations with member countries under Article IV of the IMF's Articles of Agreement. These consultations aim to assess economic developments, policy directions, and structural reforms. The Ministry of Finance reaffirmed its commitment to working closely with the IMF and other international institutions to ensure economic resilience, strengthen fiscal governance, and continue progress on structural reforms in support of the Kingdom's long-term development vision.
The Hindu
22-05-2025
- Business
- The Hindu
BRICS bank NDB admits Algeria as new member
The New Development Bank (NDB), established by BRICS nations, has admitted Algeria as a new member, further expanding its global membership base, it said on Thursday (May 22, 2025). Algeria has deposited its instrument of accession, in line with the provisions of the Articles of Agreement of the NDB on May 19, the Shanghai-headquartered bank said in a press release. Welcoming Algeria, NDB President Dilma Rousseff said, 'Algeria plays an important role not only in the economy of Northern Africa, but also at a global scale, and will definitely contribute to enhancing NDB's position in the global financial arena.' 'Rich in natural resources, with a dynamic economy and strategic geographic position, Algeria has immense potential for growth and development. NDB is fully committed to becoming a reliable and trustworthy partner for Algeria, supporting its sustainable development agenda,' she said. 'The New Development Bank is a financial institution mobilising resources for infrastructure and sustainable development projects. It is a platform for collaboration and knowledge sharing among its member countries. Together with Algeria, we will work to finance impactful projects that drive progress, improve lives, and contribute to development,' Ms. Rousseff, who is from Brazil, said. Both the presidency and vice-presidency of the NDB are rotated among BRICS founding members: Brazil, Russia, India, China and South Africa. NDB was established in 2015 for financing development projects in the group's member countries. Since its establishment, NDB has approved over 120 investment projects totalling $40 billion and spanning several key areas, including clean energy and energy efficiency, transport infrastructure, environmental protection, water supply and sanitation, social and digital infrastructure, according to the press release. 'We are delighted to announce the formalisation of Algeria's membership of the New Development Bank and thus becoming a full member of this prestigious international financial institution,' Algeria's Finance Minister Abdelkrim Bouzerd said. 'This membership is a testament to our belief in this institution's vital role in financing global development, and its status as a key player capable of providing alternative and innovative solutions to promote the growth and resilience of its member countries' economies,' Mr. Bouzerd said.
Mint
22-05-2025
- Business
- Mint
BRICS bank NDB admits Algeria as new member
Beijing, May 22 (PTI) The New Development Bank (NDB), established by BRICS nations, has admitted Algeria as a new member, further expanding its global membership base, it said on Thursday. Algeria has deposited its instrument of accession, in line with the provisions of the Articles of Agreement of the NDB on May 19, the Shanghai-headquartered bank said in a press release. Welcoming Algeria, NDB President Dilma Rousseff said, 'Algeria plays an important role not only in the economy of Northern Africa, but also at a global scale, and will definitely contribute to enhancing NDB's position in the global financial arena.' Rich in natural resources, with a dynamic economy and strategic geographic position, Algeria has immense potential for growth and development. NDB is fully committed to becoming a reliable and trustworthy partner for Algeria, supporting its sustainable development agenda, she said. 'The New Development Bank is a financial institution mobilising resources for infrastructure and sustainable development projects. It is a platform for collaboration and knowledge sharing among its member countries. Together with Algeria, we will work to finance impactful projects that drive progress, improve lives, and contribute to development,' Rousseff, who is from Brazil, said. Both the presidency and vice-presidency of the NDB are rotated among BRICS founding members: Brazil, Russia, India, China and South Africa. NDB was established in 2015 for financing development projects in the group's member countries. Since its establishment, NDB has approved over 120 investment projects totalling USD 40 billion and spanning several key areas, including clean energy and energy efficiency, transport infrastructure, environmental protection, water supply and sanitation, social and digital infrastructure, according to the press release. 'We are delighted to announce the formalisation of Algeria's membership of the New Development Bank and thus becoming a full member of this prestigious international financial institution,' Algeria's finance minister Abdelkrim Bouzerd said. 'This membership is a testament to our belief in this institution's vital role in financing global development, and its status as a key player capable of providing alternative and innovative solutions to promote the growth and resilience of its member countries' economies,' Bouzerd said.
Bahrain News Gazette
06-05-2025
- Business
- Bahrain News Gazette
Shura Council Committee Engages with IMF Mission on Economic Development
Manama: The Shura Council's Financial and Economic Affairs Committee, led by Deputy Chairman Redha Abdullah Faraj, welcomed the International Monetary Fund (IMF) Article IV Consultation Mission, which was headed by John Bluedorn, Deputy Division Chief at the Middle East and Central Asia Regional Office for Analysis and Policy. This meeting was part of the IMF mission's annual visit to Bahrain, focusing on economic development and sustainability. According to Bahrain News Agency, the meeting emphasized the joint efforts of Bahrain's legislative and executive authorities to foster economic growth. These efforts include creating an environment conducive to sustainable development goals, implementing strategies to tackle development challenges, ensuring fiscal stability, diversifying income sources, and transitioning towards greater financial sustainability. The discussions also highlighted the progress in macroeconomic indicators and the government's initiatives to enhance financial transparency and improve the quality of economic data. These improvements are intended to build confidence among financial and international institutions. Additionally, the meeting covered the Shura Council's legislative role in supporting the government's financial and economic development initiatives. This includes passing necessary legislation for economic reforms, reviewing the state's final accounts and economic reports, and ensuring the implementation of IMF recommendations. The committee provided the delegation with insights into the draft state budget law for 2025-2026, focusing on principles such as economic diversification, social welfare, and fiscal sustainability. Key topics of discussion included public debt ceiling, subsidy reform targeting eligible families, and legislative amendments needed for financial reforms. The Shura Council reaffirmed its commitment to bolstering public revenue through innovative financial programs and initiatives while aiming to reduce public expenditure. This includes cutting operational costs in government entities, improving project budget efficiency, and restructuring public institutions. Furthermore, the committee stressed the importance of efficient and fair government subsidies for eligible citizens and enhancing oversight of goods and services provided to companies. Article IV of the IMF's Articles of Agreement facilitates bilateral discussions with member countries, and this meeting was part of the IMF's efforts to engage with Bahrain on its economic policies and developments.
