Cars drive past the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 30, 2018. REUTERS/Faisal Al Nasser
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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.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.Saudi Arabia has posted a budget deficit since 2014 after the crash in oil prices, with shortfalls totaling $260 billion in the past four years.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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