Saudi Arabia could benefit from a slow pace of fiscal reforms, IMF says ...Kuwait

Saudi Arabia tripled VAT to 15 percent in July 2020 to help its economy recover. Fiscal adjustments by Saudi Arabia to lessen the economic impact of the Covid-19 pandemic should be pushed through at a slower pace, the International Monetary Fund (IMF) said on Monday. The Saudi economy has suffered from the pandemic and low oil prices, which are down more than 30 percent in early 2020.The price of crude is expected to rise by 2.1 percent this year, which shows a good progress according to the IMF but the institution expects real GDP growth to be lower than 2.9 percent.The IMF expects the kingdom to lower its fiscal deficit to 4.2 percent of GDP in 2021 compared to 11.3 percent the previ

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