IMF welcomes Saudi recalibrations on Vision 2030 projects

RIYADH: The International Monetary Fund has welcomed recent recalibrations and adjustments by Saudi Arabia on some of its megaprojects under Vision 2030.

“We are almost at a midpoint in the Vision 2030,” said Jihad Azour, the IMF director of the Middle East and Central Asia department, and “those recalibrations are part of the classical revision of any medium-term strategy.”

The Kingdom is conducting a review of its major projects, reprioritizing spending, diverting funds and adjusting budgets, according to a recent report by Bloomberg News, while in May, Reuters also reported that the Public Investment Fund “is weighing a reorganization that includes reprioritising projects and reviewing some expenses.”

Azour said these are welcomed by the IMF as Saudi authorities are now looking at and recalibrating their investment programs.