Speaking at a joint press conference with Saudi Arabia Minister of Finance, the IMF Managing Director Christine Lagarde said that the Kingdom should continue to rein in its spending and seek more ways to raise revenues despite recent increases in oil prices. Lagarde welcomed steps that Saudi Arabia has taken to reduce its reliance on oil and increase new employment opportunities, praised the austerity efforts and urged the government to provide clarity about planned reforms. She also welcomed that the authorities had laid out priorities and sequenced the policy measures to be implemented, which will help businesses adjust to the reform pace. "Fiscal adjustment has started, with the government containing expenditures and raising additional revenues," Lagarde said. "These efforts should continue over the medium-term including through further increases in energy prices which are still low by international standards, further revenue-raising measures including from the planned introduction of excises and the VAT at the GCC level, and further spending restraint." (Reuters)