While on the economic level, some work must be done to reduce the levels of deficit and its impact on the debt. ![]() On the social level, the IMF official suggested that measures should be taken to protect the most vulnerable through a targeted support policy. Therefore, other complementary measures must be taken,” he said.Īzour added that other complementary measures should be taken as well. “It is a priority for all countries, including countries in the region. Speaking of the rise in interest rates, Azour explained that they are linked to inflation jumps, as central banks resort to higher interest rates to curb the surge in prices. “On the other hand, the policies that have been adopted over the past years in terms of diversifying sources of income, are steps in the right direction, and it is necessary to continue and deepen them so that the economy becomes less dependent on energy,” he explained. ![]() Jihad Azour, the fund’s director of the Middle East and Central Asia Department, said that with the global rise in inflation, it is necessary to adapt monetary policies to maintain acceptable levels of prices. RIYADH: Inflation levels in the Gulf countries are lower than in other states, given the structure of the consumer basket, a senior International Monetary Fund official told Al-Arabiya. In energy trading, Brent crude futures closed Friday higher at $92.84 a barrel, while US West Texas Intermediate traded at $86.79 a barrel. gained 4.44 percent, 3.83 percent, and 3.27 percent, respectively. gained 5.06 percent to lead the gainers early in trading, while Riyad REIT Fund edged down 1.4 percent to lead the fallers.Ībdulmohsen Alhokair Group for Tourism and Development edged up 4.78 percent, as it entered negotiations with its unit to acquire hotels currently leased by the group.Īmong cement firms, City Cement Co., Northern Region Cement Co., and Al Jouf Cement Co. The Saudi National Bank, the country’s biggest lender, gained 1.21 percent, while Saudi Arabian Mining Co., known as Ma'aden, increased 2.02 percent. increased 0.76 percent.Īl Rajhi, the Kingdom’s largest valued bank, edged up 1.05 percent, while Alinma Bank advanced 1.64 percent. Saudi oil giant Aramco climbed 1.23 percent, while Rabigh Refining and Petrochemical Co. TASI gained 1.01 percent to reach 11,953, while the parallel market Nomu started 0.26 percent higher at 20,490, as of 10:07 a.m. RIYADH: Saudi Arabia’s main index gained ground in the first session of the week following a rise in oil prices on Friday.
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