Friday 8 April 2011

Saudi fiscal position strong despite $93bn handouts - Fitch - ArabianBusiness.com

Fitch Ratings on Friday affirmed Saudi Arabia's long-term local and foreign currency issuer default ratings (IDR) at AA-, with stable outlooks.

It said the recent decision by King Abdullah to deliver about $93bn in handouts would not harm the kingdom's economic position.

But Fitch did question whether plans to raise the minimum wage for public sector workers would damage the initiative to get more Saudis working in the private sector.

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