Great Plan, but Saudi Arabia Really Needs More: IMF

Saudi Arabia’s plans to diversify its economy were welcomed by the International Monetary Fund’s Middle East chief on Tuesday but he told CNBC that Saudi also needed to focus on attracting private investment.

Masood Ahmed, director of the IMF’s Middle East and Central Asia department, told CNBC Tuesday that he welcomed Saudi Arabia’s announcement the previous day of a plan to diversify its economy away from oil. However, he added that he hoped the kingdom and its Gulf neighbors would seek more private investment.

“I think it is the right approach in the sense of the level of ambition and also in terms of the comprehensive scope because, really, Saudi Arabia’s economy is facing major challenges.”


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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.