#SaudiArabia to raise around $31 billion in debt this year | Reuters

Saudi Arabia to raise around $31 billion in debt this year | Reuters:

Saudi Arabia plans to issue 118 billion riyals ($31.5 billion) in debt this year to help finance the national budget deficit, the country’s Debt Management Office (DMO), part of the ministry of finance, said.

Saudi Arabia has borrowed extensively over the past few years to refill state coffers depleted by a drop in oil prices.

At the end of 2018, it had around $150 billion in outstanding government debt, 54 percent of which was in local currency and the rest denominated in U.S. dollars.