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Saudi Arabia to use 2022 oil windfall to support economy

Saudi Arabia to use 2022 oil windfall to support economy

Arab Finance: The Saudi Arabian government plans to use 2022 oil windfall to bolster the economy’s diversification from fossil fuels, Bloomberg reported on May 23rd, citing Minister of Economy and Planning Faisal Alibrahim.

The kingdom will also focus on initiatives to support the non-oil economy in 2023, without increasing fiscal spending, the minister added in an interview at the Davos conference in Switzerland.

“The windfall from the additional revenues that we will get from high oil prices will be essentially invested in resilience,” Alibrahim said.

“Whether it’s replenishing reserves, paying off debt, or investing in unique transformational projects through our wealth fund - that really helps us accelerate the diversification plans,” he continued.

The government seeks the private sector’s contribution to economic output to grow 65% by the end of the decade, up from 51% to date.

Saudi Arabia is forecast to become the fastest-growing of 20 economies in 2022 after India, according to surveys of analysts by Bloomberg.

The International Monetary Fund (IMF) projected that the kingdom’s gross domestic product (GDP) would exceed $1 trillion for the first time this year.

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