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IMF Calls for Faster Saudi Economic Reform
(Financial Times - UK) - The International Monetary Fund has called for the acceleration of economic reforms in Saudi Arabia. With a budget dominated by wages and debt service payments, the government has little room to maneuver when oil prices drop. Economic growth is not keeping up with the population increase of about 3.5% a year, with real GDP growth a mere 1.2% last year and projected at 0.7% this year.