The IMF statement released at the close of the workers' mission for the Kingdom 2021 Article IV was accepted by the Ministry of Finance. The statement emphasized the favorable outcomes of Saudi economic reforms, the predicted continuity of the economic recovery, and the anticipated decrease in inflation and unemployment.

The IMF forecasts real GDP growth of 2.1 % this year and 4.8 % in 2022 (particularly in comparison to -4.1 % in 2020) and a turnaround of real non-oil GDP growth in the second quarter of 2020. The high-frequency measures also point to a continuation of the rebound in 2021.

The rebound in real non-oil GDP growth is expected to hit 3.9 % in 2021 and 3.6 % in 2022, compared to a 2.3 % decrease in 2020. Based on the OPEC+ supply rate agreed upon, real oil GDP growth is expected to be -0.5 % in 2021 (compared to -6.7 % in 2020) and 6.8 % in 2022, assuming the OPEC+ deal expires as reported.

The statement highlighted the Saudi government's fast and definitive containment steps in minimizing COVID-19 cases and casualties.

It also emphasized the successful role of fiscal policies, and financial industry and jobs measures initiated by the government and the Saudi Central Bank (SAMA), in mitigating the effects of the pandemic on people and the private sector. This is consistent with the rapid strides involved in implementing the vaccine campaign in the coming months.

The IMF's final statement praised the Kingdom's strong economic fundamentals, which were bolstered by "Vision 2030," and facilitated the establishment of vigorous governance and cooperation among ministries and entities. In terms of this, the declaration emphasized the "Etimad" platform's success in improving government financial management.

These changes helped to improve digital transition in government and financial services while also emphasizing the importance of fiscal policies and the financial sector.

In terms of fiscal policy, the banking sector, and currency values, the statement praised Saudi authorities for having a well-capitalized and solvent financial system, and SAMA's actions in controlling and monitoring the financial sector, especially private sector assistance programs mostly during the emergency, which helped to improve financial stability.

The statement praised the Saudi Capital Market Authority (CMA) and the National Debt Management Center for their rapid speed of debt and equity economic reforms, which have increased capital raising possibilities for businesses and investment prospects. The declaration also reiterated that the currency exchange fix is still beneficial to the Kingdom.

Concerning Saudi women's labor-force participation, the statement praised the Saudi government's broad efforts, noting that estimates indicate that the workforce participation of Saudi women in the overall workforce has risen by 13 points in the last two years, surpassing 33 %.

The "Saudi Arabia Green Initiative" and its ability to fuel growth and jobs while lowering emissions of greenhouse gases were applauded in the declaration.

According to Minister of Finance Mohammed Al-Jadaan, the announcement reiterates the Kingdom's government's performance in delivering meaningful outcomes and concrete milestones during the world's most difficult year.

"These results are obtained despite the effect of the COVID-19 pandemic, volatility in oil prices, sharp economic fluctuations, weakening global demand, receding development, and other challenges that the Saudi government has faced."

"The Kingdom's continued execution of Vision 2030 initiatives, strategies, and priorities have allowed the Kingdom to enact several economic and structural transformations that reflect the Kingdom's efforts in improving the financial sector and reaching fiscal sustainability, which strengthens the Saudi economy's strength amid all the difficulties," Al-Jadaan said.