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Saudi economy

IMF urges Saudi Arabia to contain spending and wages

DUBAI: The IMF on Friday warned Saudi Arabia against boosting spending in the wake of rising oil prices, urging the world's top crude exporter to also contain its wage bill. The International Monetary Fund said in a report that a rise in spending would expose the Saudi budget if there was an unexpected drop in oil prices. The report emphasised "the importance of ensuring that spending remains at a sustainable level in different oil price environments" and the need to avoid a fiscal policy that would create undue…

Britain to help reform Saudi economy

LONDON: Britain said Wednesday it would help Saudi Arabia to diversify its oil-dependent economy as British Prime Minister Theresa May visited the Gulf kingdom. May and Saudi King Salman would discuss "tax and privatisation standards to help Saudi Arabia diversify its economy and become less reliant on oil", a statement released by her office said. Saudi Arabia faces a significant budget deficit with billions of dollars in debts to private firms, largely in the construction business, after a drop in global oil prices…