Managing Partner of Reformatics, Mr. Nika Gilauri, visited the Kingdom of Saudi Arabia on December 17, 2016 to share Georgian reform experience with high level Government officials of the country. Mr. Gilauri and representatives of McKinsey & Company met the Saudi Minister of Finance, Ibrahim Al-Assaf. The purpose of the visit was to discuss economic development challenges under the conditions of global oil price decline and identify reforms to accelerate growth. This reform effort aimed at diversification of growth is particularly important as of December 2016 the petroleum sector in Saudi Arabia accounts for roughly 80% of budget revenues, 45% of GDP, and 90% of export earnings (source: Forbes.com).
“The Kingdom of Saudi Arabia is recommended to take active reform measures to diversify economic growth and develop sectors other than oil. This way the KSA will increase its regional compe-titiveness as well as resilience against exogenous and endogenous shocks, including the impact the oil price decline,” said Mr. Nika Gilauri.
Mr. Nika Gilauri, presented Georgian reform success stories and concentrated in particular on reforms of the tax and customs policy regulatory framework as well as administration implemented in Georgia since 2004.