Employees work at the studio of the new channel Saudi Broadcasting Corporation "SBC" in Riyadh, on April 24, 2018. (AFP / FAYEZ NURELDINE)
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The International Monetary Fund has called on Saudi Arabia to keep public spending under control, even as a partial recovery of oil prices helps the economy emerge from recession.This created a quarterly budget shortfall of $9.2 billion, up 31 percent on the first three months of 2017 .Despite the rising deficit, the IMF also congratulated the Kingdom for measures designed to boost non-oil revenues, in the wake of the 2014 crash in crude prices. The Saudi economy shrank 0.7 percent in 2017, the first contraction since 2009, but the IMF forecasts a return to growth this year.
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