Saudi Arabia should keep reining in budget - IMF's Lagarde

WASHINGTON (Reuters) - Saudi Arabia should continue to rein in its spending and seek more ways to raise revenues despite recent increases in oil prices, International Monetary Fund Managing Director Christine Lagarde said on Wednesday. In a statement issued in Riyadh, Lagarde said she welcomed steps that Saudi Arabia has taken to reduce its reliance on oil and increase new employment opportunities. "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." (Reporting by David Lawder; Editing by Andrew Hay)