1995 News Story

SAMA Governor reports steady economic growth

Governor of the Saudi Arabian Monetary Agency (SAMA), Hamad Al-Sayyari, today addressed the meeting of the interim committee of the International Monetary Fund (IMF) and highlighted the efforts exerted by the Kingdom to lessen expenditure and increase non-oil revenues. "There are indications that these efforts have yielded positive results", he said, adding that "The rate of the financial deficit dropped from 9 percent of the Gross National Product in 1994 to only 2 percent in the first half of this year", while the deficit in the foreign current account dropped from 8 percent to 2 percent over the same period. Mr. Al-Sayyari is in Washington DC as head of the Kingdom's delegation to the annual meeting of the IMF and the World Bank, accompanied by a number of senior officials from the Ministry of Finance and National Economy, SAMA, the Saudi Development Fund, and Saudi banks.