Ashraf AboArafe
The credit rating agency “Moody’s” confirmed in its credit report for the Kingdom of Saudi Arabia (KSA) its rating at “A1”, with the outlook modified from “stable” to “positive”, according to its recently issued report.
The agency stated in its report that its affirmation of the Kingdom’s classification came as a result of the government’s continued efforts to develop fiscal policy, comprehensive regulatory and economic structural reforms, which will support the sustainability of economic diversification in the medium and long term, in addition to reforms and investments in various non-hydrocarbon sectors that would reduce the Kingdom’s dependence on oil. hydrocarbons over time.
The report also referred to the pivotal role of government economic diversification initiatives and projects supported by private sector investment, and their positive impact on economic growth and improving the future outlook.
This report represents a tribute to the Kingdom’s efforts to continue adopting financial policies that contribute to maintaining financial sustainability, developing public financial management, and raising the quality of financial planning to promote economic growth and more efficient use of resources within the framework of the financial sustainability program (one of the Kingdom’s Vision 2030 programs). In addition to maintaining a moderate debt level that is less than countries with a similar credit rating, the availability of cash reserves, and a global competitive position in the field of energy.
