IMF Sees Need for Significant Saudi Spending Cuts as Oil Drops
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Saudi Arabia needs to take significant measures to curb public spending and reduce its reliance on oil revenue as it reacts to the last year’s slump in crude prices, according to the International Monetary Fund.
“There will be a need for significant fiscal consolidation to be able to bring spending and revenues more in line with each other,” Masood Ahmed, director of the Middle East and Central Asia department at the IMF, said in an interview in Dubai on Tuesday. The world’s leading oil exporter must “ensure that there is an equitable sharing of oil wealth across future generations,” he said.