Real estate related economic and financial news covering the MENA region.
Saudi Arabia overspending, says IMF
Aug 09, 2012
The International Monetary Fund (IMF) has said that if the Saudi government continues to spend at the current level, it won’t be able to preserve the kingdom’s oil wealth for future generations, Reuters has reported. “While the government has built significant policy buffers, fiscal spending is above the level consistent with an inter-generationally equitable drawdown of oil wealth,” the IMF said in an annual assessment of the Saudi economy. The IMF did not specify an appropriate level of spending, but said the government should be flexible in providing social welfare benefits, broaden its tax base and ensure its expenditure was efficient.