Saudi Arabia in the midst of financial crisis
The dropdown of the oil prices did not go unnoticed. The Reuters were informed by the responsible sources that the government of Saudi Arabia is looking for $6 billion loan to cover the gap in the budget. They say the gap is a direct outcome of the oil prices dropdown.
The professionals explain that 6 wealthy Gulf Arab oil exporters could only profit $20 billion which is a great step down compared with the years before. Saudi Arabia used to lend money to the rest of the planet, so being on the edge of the crisis is an unusual state for them. That is why the kingdom’s authorities are raising a question of taking a 5-year loan.
So far the Kingdom is covering the financial deficiency with its own resources like attracting numerous foreign assets as well as floating bond issues. However, professionals warn that these actions will only hold the kingdom afloat for the next few years. Thus, loan is absolutely essential to the economy.
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