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Assaf: Saudi Arabia may resort to borrowing to finance the budget deficit
Erbil كانون الاول / ديسمبر 26 (PNA) - Saudi Finance Minister Ibrahim Al-Assaf said that the government has not yet determined the best option to finance the expected budget deficit in 2015 at 145 billion riyals ($ 38.7 billion) and whether they would resort to withdraw from the Kingdom's huge reserves or borrowing in With low interest rates. Earlier on Thursday, the Saudi government adopted an expansionary budget for 2015 and raised spending to a record level and said it would finance the projected deficit of the huge financial reserves, which dispels fears about the economy affected by the largest oil exporter in the world fall in crude price According to the budget announced by the Ministry of Finance on its website, the ministry expects that the total public expenditure of 860 billion riyals (229.3 billion dollars) in 2015, up from 855 billion in the original budget for 2014, which saw the first cut in spending since 2002 It is expected that revenues will reach 715 billion riyals in 2015, what makes the UK's largest oil exporter in the world recorded a deficit in the budget - for the first time since the global financial crisis in 2009 - a $ 145 billion riyals. The minister said in an interview with Al Arabiya television on Thursday that the projected deficit exceeds the little four percent of GDP this year, adding: "This percentage is a little under the current international circumstances It has not yet determined any options we will resort to him, but in an environment characterized by low interest rates, it affects ... the one hand Ahtiatatna liquid returns are very low as well as there is a chance to borrow at good prices. He pointed out that he would discuss the matter with officials of the Saudi Arabian Monetary Agency (SAMA), although the option to borrow or withdrawal from the reserve will depend on the timing of the Kingdom will resort to implement it. Foreign reserves amounted to 2.8 trillion riyals Kingdom at the end of November.
Al-Assaf said that the kingdom able to withstand lower oil prices in the medium term due to factors including the huge reserves and low public debt.
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Erbil كانون الاول / ديسمبر 26 (PNA) - Saudi Finance Minister Ibrahim Al-Assaf said that the government has not yet determined the best option to finance the expected budget deficit in 2015 at 145 billion riyals ($ 38.7 billion) and whether they would resort to withdraw from the Kingdom's huge reserves or borrowing in With low interest rates. Earlier on Thursday, the Saudi government adopted an expansionary budget for 2015 and raised spending to a record level and said it would finance the projected deficit of the huge financial reserves, which dispels fears about the economy affected by the largest oil exporter in the world fall in crude price According to the budget announced by the Ministry of Finance on its website, the ministry expects that the total public expenditure of 860 billion riyals (229.3 billion dollars) in 2015, up from 855 billion in the original budget for 2014, which saw the first cut in spending since 2002 It is expected that revenues will reach 715 billion riyals in 2015, what makes the UK's largest oil exporter in the world recorded a deficit in the budget - for the first time since the global financial crisis in 2009 - a $ 145 billion riyals. The minister said in an interview with Al Arabiya television on Thursday that the projected deficit exceeds the little four percent of GDP this year, adding: "This percentage is a little under the current international circumstances It has not yet determined any options we will resort to him, but in an environment characterized by low interest rates, it affects ... the one hand Ahtiatatna liquid returns are very low as well as there is a chance to borrow at good prices. He pointed out that he would discuss the matter with officials of the Saudi Arabian Monetary Agency (SAMA), although the option to borrow or withdrawal from the reserve will depend on the timing of the Kingdom will resort to implement it. Foreign reserves amounted to 2.8 trillion riyals Kingdom at the end of November.
Al-Assaf said that the kingdom able to withstand lower oil prices in the medium term due to factors including the huge reserves and low public debt.
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