Thursday 23 April 2020

#Saudi Response to Fiscal Shock Takes Shape With Record Debt Plan - Bloomberg

Saudi Response to Fiscal Shock Takes Shape With Record Debt Plan - Bloomberg:

Saudi Arabia will rely on the biggest debt program since its debut in international bond markets in 2016 to absorb the shock to the budget from collapsing energy prices and cuts in oil output.

The kingdom could borrow 220 billion riyals ($58 billion) this year while keeping its drawdown from reserves at up to 120 billion riyals, as originally planned in the budget, Finance Minister Mohammed Al-Jadaan said at a news conference late Wednesday. The government is looking at additional spending cuts and may issue as much as an extra 100 billion riyals of debt on top of 120 billion riyals already announced.




No comments:

Post a Comment