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High Saudi spending, budget surplus in 2012 – IMF

High Saudi spending, budget surplus in 2012 – IMF

IMF estimates 2012 for Saudi Arabia will see a break-even budget in oil price at around $80 and expects fiscal and monetary policies will be used to ease inflation

December 22, 2011 3:41 by

…market opening and other economic reforms.

“One would expect to see, over time, greater depth in the market and a broadening in the range of products offered at the stock exchange,” Robinson said.

“In turn, this could provide a broader range of options for saving as well as additional instruments for the private sector to finance its investment and therefore create employment.”

On other reforms, Robinson said the introduction of a mortgage law could help the housing market.

“Access to finance for housing from the private sector, for example, has long been a constraint that could be addressed through a mortgage law coupled with appropriate institutions to support and monitor housing exposures,” Robinson said.

“Currently, the Saudi Real Estate Development Fund (REDF) plays a key role in facilitating access to housing.”

A mortgage law which has been in planning stages for almost a decade but it is not clear when such legislation might be passed. Property consultancy Jones Lang LaSalle has estimated the country needs to build up to 200,000 new homes a year for the next five years to meet demand for about 900,000 new homes. (By Martina Fuchs; Editing by Andrew Torchia)

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