RIYADH: Credit rating agency Moody’s Investors Service has affirmed Saudi Arabia’s rating at ‘A’ to Saudi Arabia with a stable outlook, primarily driven by the government’s fiscal policy effectiveness.

The Saudi national debt management center said in a press release citing Moody’s that the latter expected that Saudi Arabia’s GDP will grow at an average rate of 5 percent in the period 2021-2023, supported by further post-pandemic recovery, progress on economic diversification, capital and development projects, and a further unwinding of oil production cuts.

According to the center, Moody’s added that the growth of financial institutions in the Kingdom highlights the positive impact of the structural measures and reforms taken by the government in the past five years.

The report further noted that the Saudi Arabian government demonstrates an increasingly more fiscal policy framework even during the time of rising oil prices.