Saudi reforms to boost growth despite any Aramco IPO delay – IMF

Saudi Arabia is moving ahead with economic reforms and growth in its non-oil economy will pick up this year despite any delay to the planned sale of shares in national oil giant Saudi Aramco, a senior International Monetary Fund official said on Friday.

“Aramco was one part of the reform programme. Other parts are moving ahead pretty well,” Tim Callen, the IMF’s mission chief for Saudi Arabia, told reporters after annual consultations with the Saudi government.

He said the IMF’s projections for Saudi economic growth to accelerate in coming years were based on expectations for a broad range of reforms to continue, and did not include the impact of a planned initial public offer of Aramco shares.

Industry sources told Reuters last week that the sale of a roughly 5 per cent stake in Aramco, originally slated to take place this year and raise at least $100bn for the government, had been postponed indefinitely.

Read more: Saudi energy minister denies report that Aramco IPO will be called off