The IMF has called on Saudi Arabia to reduce dependence on “oil needle”

The IMF has called on Saudi Arabia to reduce dependence on “oil needle”

It is necessary that the government of Saudi Arabia has speeded up reform, which diversify the economy, said Executive Director of the International monetary Fund Christine Lagarde.

WASHINGTON, 9 Nov. The international monetary Fund (IMF) urged the Saudi government to accelerate reforms to reduce the dependence of economy from oil, this was stated by Executive Director of the Fund Christine Lagarde following his trip to Saudi Arabia.

According to the Fund, Lagarde on Sunday held talks with king of Saudi Arabia Salman bin Abdul Aziz al Saud, Finance Minister Ibrahim al-Asaf and other officials. During interviews with officials responsible for economic development of the country, Lagarde said that on the one hand GDP of Saudi Arabia increased rapidly in recent years, but “now faced with the need to adapt to the fall in oil prices”.

“It is important that the government has accelerated reforms that increase the employment of nationals in the private sector and diversifying the economy, reducing dependence on oil,” said Lagarde.

So far, the assurances of the Executive Director of the IMF, the economy is able to cope with the current situation related to the increase in oil prices, thanks to the “buffer” reserve funds.