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FINANCIAL NEWS
Saudi net foreign assets to grow by USD166b in 2012: IMF
10 Oct 2012
(MENAFN) The International Monetary Fund (IMF) stated that during the current year, Saudi Arabia’s net foreign assets are expected to grow by USD166 billion to USD701 billion, reported Emirates 24/7.
The IMF attributed the forecasted increase to higher oil prices and output.
At the end of next year, the country’s net foreign assets are expected to reach USD843 billion and to grow to USD953 billion at the end of 2014 and to hit USD1.5 trillion at the end of 2015.
Moreover, at the end of 2016, the assets are expected to expand to USD1.128 trillion and to USD1.213 trillion at the end of 2017.
The IMF made its 2012 forecast on the basis of a Saudi crude price of nearly USD109 per barrel, USD105 in 2013, USD98.5 in 2014, around USD93 in 2015, USD89.5 in 2016 and USD87.2 in 2017.
It is worth noting that in 2011, the Kingdom’s foreign assets reached USD535 billion.
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