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 . --More
