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2016-02-01 — telegraph.co.uk
The Saudis have been burning through their reserves at a record pace to protect the riyal's fixed value against a soaring dollar, and should continue to preserve the peg at all costs, said the IMF... any moves to jettison a stable currency, or embark on massive fiscal austerity, could erode the social fabric of the Gulf oil producing nations five years on from the Arab Spring.
Saudi Arabia is set to slash subsidies on water and electricity, and must begin to overhaul its generous fuel subsidies for its 30 million people, recommended the Fund.
...
IMF calculations suggests Saudi Arabia could be running a deficit of around $140bn (£94bn), far above the government's own estimates of around $98bn, or 15pc of GDP.
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