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Finance Minister Sees Optimism in IMF Estimates for Saudi Economic Growth

Saudi Arabia : 22 May 2011

Saudi’s Finance Minister, Dr Ibrahim bin Abdulaziz Al-Assaf commented on the IMF (or International Monetary Fund) forecasts for Saudi Arabia, stating that their 7.5 percent average growth for the Kingdom’s GDP is optimistic.

Speaking to the press at the beginning of the Euromoney Conference, Al-Assaf noted that the IMF estimates for average growth in 2011 are optimistic. These comments seem to confirm that actual numbers will fall short of the IMF forecasts, although all such predictions are only speculation in any case.

The minister pointed out the housing projects that his ministry is concentrating on. He said that there is a team involved and indicated that work is set to begin as soon as the bid tendering has been completed.

Government funds play a significant role in supporting economic growth and the government needs to provide those funds for both private and public ventures, according to the minister. He also noted that the royally decreed package of development projects led to recapitalization of certain funds, which made it easier to make project financing available in some cases.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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