- Title: IMF forecasts Saudi Arabia growth at 2 percent
- Date: 26th October 2016
- Summary: RIYADH, SAUDI ARABIA (OCTOBER 26, 2016) (REUTERS) **** WARNING CONTAINS FLASH PHOTOGRAPHY **** GCC MINISTERS OF FINANCE AND GOVERNORS PAUSING FOR FAMILY PHOTO WITH IMF MANAGING DIRECTOR CHRISTINE LAGARDE JOINT MEETING BETWEEN GCC MINISTER OF FINANCE AND GOVERNORS WITH LAGARDE SAUDI FINANCE MINISTER IBRAHIM AL-ASSAF AND LAGARDE SITTING LAGARDE LISTENING TO ASSAF AL-ASSAF SPEAKING AT JOINT MEETING LAGARDE THANKING GCC COUNTRIES MINISTERS MINISTERS AND GOVERNORS SITTING LOGO OF GCC COUNTRIES AND FLAGS OF SAUDI, BAHRAIN AND UNITED ARAB EMIRATES LAGARDE AND AL- ASSAF SITTING IN PRESS CONFERENCE HALL JOURNALISTS WATCHING REPORTER ASKING QUESTION OF LAGARDE (SOUNDBITE) (English) IMF MANAGING DIRECTOR, CHRISTINE LAGARDE, SAYING: "In terms of growth forecast we are seeing Saudi Arabia growing at 2 percent." PRESS CONFERENCE IN PROGRESS (SOUNDBITE) (English) IMF MANAGING DIRECTOR, CHRISTINE LAGARDE, SAYING: "We would also welcome that the authorities (Saudi) lay out priorities and sequence the policy measures that they will implement." CONFERENCE IN PROGRESS (SOUNDBITE) (Arabic) SAUDI ARABIA'S FINANCE MINISTER, IBRAHIM AL-ASSAF, SAYING: "Regarding other issuance, it depends on the needs of the government, but it will not only be bonds, part of it will also be in the form of sukuk." REPORTER ASKING QUESTION VARIOUS OF JOURNALISTS LISTENING LAGARDE LEAVING CONFERENCE
- Embargoed: 10th November 2016 20:58
- Keywords: Riyadh Saudi Arabia IMF Christine Lagarde Ibrahim al-Assaf
- Location: RIYADH, SAUDI ARABIA
- City: RIYADH, SAUDI ARABIA
- Country: Saudi Arabia
- Topics: Economic Events
- Reuters ID: LVA00155N9MBR
- Aspect Ratio: 16:9
- Story Text:The head of the IMF said on Wednesday (October 26) she expects Saudi Arabia's economic growth to bottom out at 1.2 percent this year, rebounding to 2.0 percent in 2017.
Saudi Arabia's finance minister Ibrahim al-Assaf said he expects Saudi GDP growth to be 2.0 percent or less in 2017.
Saudi economic growth has slowed sharply this year, as low oil prices have strained the government's budget and led authorities to impose broad spending cuts.
The spending crunch has also led Saudi Arabia to tap the international bond market with a $17.5 billion bond issue last week, the largest emerging market debt deal in history.
Assaf told reporters the kingdom's debt issues would not be limited to bonds, but would be followed by other instruments like sukuk.
In a statement, Lagarde said Saudi Arabia should continue to rein in its spending and seek more ways to raise revenues, despite recent increases in oil prices.
- Copyright Holder: REUTERS
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