Tim Callen, the IMF's mission chief for Saudi Arabia, said the kingdom's budget plans was in line with the IMF's recommendations and that eliminating the deficit by around 2020 appeared possible. The medium-term guidelines for spending and revenues were particularly important because they would reduce uncertainty in financial markets and the private sector, which the government wants to invest in its projects now that oil revenues have shrunk, he said. "The plan is in place - now the challenge is clearly implementation of that plan." Growth in the non-oil sector is likely to pick up to c2% this year, after the government resumed making delayed payments on its debts to the private sector, Callen said, adding that hose payments were facilitated by a mammoth USD17.5bn international bond issue in October. Saudi Arabia is expected to offer another bond abroad this year, and as long as market conditions remain favourable, it is likely to attract strong demand once again, Callen said. (Reuters)