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FINANCIAL NEWS
Saudi net foreign assets drop 1.2 percent in June
11 Aug 2015
(MENAFN) A Saudi Arabian Monetary Agency said that Arab biggest economy’s net foreign assets plunged 1.2 percent in June, falling to USD664.4 billion, as Saudi sustained its strategy in cutting reserves spending.
The International Monetary Fund expects an evident budget deficit in 2015 equaling to 20 percent of kingdom’s GDP, with reserves constant shrinking, forecast also shows a drop of USD665 billion in assets this year.
In its efforts to help cover the deficit, the government plans to raise nearly USD26 billion before 2015 ends, selling as much as USD5.3 billion of debt as one way to achieve the goal.
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