Saudi economy to avoid crisis due to low oil prices

04 Nov 2016

(MENAFN) Saudi Arabia avoided an economic crisis due to low oil prices this year but the outlook for state finances will remain gloomy for many months to come.

Also, drastic spending cuts seem to be reducing the government’s budget deficit, which totaled a record 367 billion riyals last year.

Additionally, a USD17.5b sovereign bond issue last month opened an overseas borrowing channel which Riyadh can use to slow the drawdown of its foreign reserves.

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