Lagarde Praises Saudi Reforms, Emphasizes Need for Continued Fiscal Adjustment

International Monetary Fund (IMF) Managing Director Christine Lagarde praised Saudi Arabia's efforts to diversify its economy and reduce its reliance on oil.

Lagarde, who attended key meetings in Riyadh, said that Vision 2030 and the National Transformation Program contain ambitious policy reforms to strengthen non-oil growth and increase employment opportunities.

The IMF chief welcomed steps taken by Saudi Arabia to reduce its dependence on oil and create new job opportunities, including fiscal adjustment and expenditure containment.

Lagarde emphasized the importance of continued fiscal adjustment in the medium term, recommending that countries phase in deficit-reduction measures gradually while strengthening their fiscal frameworks and transparency.