Saudi Arabia’s “National Transformation Plan” represents a credible effort by the authorities to flesh out some of their policies as they look to overhaul the Kingdom’s economy over the coming years. In particular, the government provided more details on its plans to tighten fiscal policy, reinforcing our view that a devaluation of the riyal will only be used as a last resort. That said, implementation of structural reforms is likely to be difficult and we are still concerned that a shift in the country’s political dynamics could see the reform programme come to a grinding halt.
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