Saudi economy edging closer to reducing dependence on oil: IMF official.

Government-led reforms and the growth of private investment in new sectors will help support non-oil economic growth in Saudi Arabia amid an expected sharp slowdown in overall growth this year, a senior International Monetary Fund (IMF) official said.

The Saudi economy grew 8.7 percent last year, as high oil prices boosted revenue and led to the kingdom's first budget surplus in almost 10 years.

The IMF projects that Saudi Gross...