Tuesday, 9 October 2012

Saudi Arabia rejects IMF's 'doomsday scenario' for Kingdom's economy - The National

An economic forecast has become the subject of a public disagreement between Saudi Arabia and the International Monetary Fund.

During the weekend, Saudi Arabia's finance minister rejected an IMF prediction that his country's budget would turn a minor deficit beginning in 2017.

"They have been working on scenarios assuming, I would say, a doomsday scenario which I don't agree with," finance minister Ibrahim Al Assaf said, speaking after the IMF chief Christine Lagarde joined a meeting of Gulf finance ministers in Riyadh. "But we appreciate they are raising these issues in order to be ready."

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