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East-West Debt march 2003 news, update : SAUDI-ARABIA
Saudi-Arabia In October 2002 the IMF gave the Saudi Government the guidelines for improvement of the country's micro- and macroeconomy, including the fiscal policy, the imposition of taxes, the reduction of the public debt, the cut of subsidies and social aid to Saudis, privatization and other economic reforms. Saudi Arabia is slowly swallowing the bitter pills prescribed by the International Monetary Fund to eliminate persistent fiscal deficits, to tackle growing public debt and to ease state grip on the economy. However, the country appears reluctant to introduce income taxes. By the end of 2002 the Kingdom slashed the projected budget deficits by more than 50% and it is determined to achieve a lower deficit figure for 2003. The forecast deficit for 2003 accounts for nearly 6% of the GDP.
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