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As on: Aug 25, 2019 07:12 PM
Economic Buzz: Saudi Arabia's Fiscal Deficit To Rise In 2019, Says IMF
16-May-19   09:40 Hrs IST
The International Monetary Fund projected Saudi Arabia's fiscal deficit to increase this year and no decline is expected over the medium term. Concluding the Article IV Mission, IMF staff said the fiscal deficit will rise to 7 percent of gross domestic product in 2019 after narrowing to 5.9 percent in 2018. IMF observed that the successful introduction of the value-added tax has underpinned an increase in non-oil fiscal revenues. The non-exported oil primary deficit is expected to decline to 29.4 percent of non-oil GDP in 2024 as announced fiscal measures are implemented.

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