The International Monetary Fund (IMF) has reaffirmed its confidence in the Saudi economy, noting that the government is moving forward with economic reforms and that the Kingdom’s non-oil economic growth will accelerate this year regardless of when the Aramco IPO takes place.
Reuters quoted Tim Kalin, head of the IMF mission to Saudi Arabia, as telling reporters following annual consultations with the Saudi government: «Aramco is part of the reform program, and the other parts are moving forward well.» He added that the IMF’s projections for accelerated growth in the Saudi economy in the coming years are based on expectations that a broad range of reforms will continue, and do not include the impact or timing of Aramco’s initial public offering.
In a related development, Saudi Energy Minister Khalid al-Falih affirmed that the Kingdom is committed to offering Aramco shares for public subscription at the appropriate time chosen by the government, thereby officially denying media reports that the offering had been canceled.
