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KSA dsimisses IMF's 2016 deficit forecast as "doomsday scenario"
- Saudi Arabia: Monday, October 08 - 2012 at 06:13
Saudi finance minister Ibrahim Alassaf has described as a "doomsday scenario" the forecasts by the International Monetary Fund forecasts that the kingdom's budget surpluses will gradually decline before dropping into deficit by 2016, Reuters has reported. The world's top oil exporter has run large budget surpluses since 2009, but the IMF said in a report last month that falling energy prices would hurt the kingdom's fiscal position. "They have been working on scenarios assuming, I would say, a doomsday scenario which I don't agree with. But we appreciate they are raising these issues in order to be ready," Alassaf told reporters after a meeting with IMF managing director Christine Lagarde in Riyadh.
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