Saudi’s May foreign assets USD480b

01 Jul 2011

(MENAFN) The Saudi Arabian Monetary Agency said that last month, the Kingdom’s net foreign assets reached a record of USD480 billion, reported Arab News.

The country’s central bank added that the increase came as a result of accelerating oil prices that compensated the Kingdom’s growing spending as it planed to enhance growth.

It also said that the country’s oil revenues would be used to finance its successive spending packages, that aimed at enhancing the lives of Saudi’s lower-income brackets, boosting job growth and expanding the economy, furthermore, these packages would cost the country around USD120 billion over several years.

It is worth noting that the additional money is very important for the Kingdom, which has the world’s largest proven reserves of conventional crude and was forecasting a slight budget shortfall in 2011 because of ramped up spending.

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