International Monetary Fund (IMF) concluded the Article IV consultation with the Kingdom of Saudi Arabia for 2011 by discussing the report prepared by the IMF staff on the consultations of the IMF Executive Council.
The report of the consultations said that the Kingdom has achieved over the past few decades, tremendous achievements in social development indicators, which is approaching at the moment of the averages recorded in the Group of Twenty (G-20).
It also pointed out to the strongly improved growth in 2010, recording 4.1% as a result of accelerated growth in both oil and non-oil sectors supported by higher public spending and a rebound in global demand.
The report said that banks in the Kingdom have a high level of liquidity and maintain a good level of capital much more than the compulsory limit .
Members of the IMF's Executive Council also endorsed the actions taken by the Government of the Kingdom of Saudi Arabia to benefit from higher oil revenues in order to accelerate the pace of initiatives to address important social issues, particularly with regard to housing, employment and extending the social safety net.
They drew attention that the work of supervision and regulation practiced by the Saudi Arabian Monetary Agency (SAMA) in the financial system is still effective, highlighting the improvements carried out by the Government of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud, in recent years in the areas of regulation and supervision in the banking sector.