Home
Financial setback for Saudi Arabia paid Kingdom to expedite the issuance of instruments
Date: 06/09/2015 12:07
..
Saudi Finance Minister Ibrahim Al-Assaf said the kingdom able to withstand the vagaries of the oil and the government will continue to issue bonds has been issued instruments before the end of 2015 to fund the projected shortfall in the largest oil exporter in the world balance.
The comments came the Minister of Finance in an interview with CNBC television Arab in Washington, where he is accompanied by a number of al-Assaf and Minister Saudi King Salman bin Abdul Aziz to the United States.
The minister said, "Saudi Arabia used to rapid rises and rapid declines in oil prices and the government since the period of the kit has been prepared and we were ready to deal with this crisis ... we have the ability to withstand the vagaries of the oil."
Al-Assaf said "we will issue additional bonds may also issue as well as instruments to finance the budget deficit ... instruments may be for specific projects in the state so far has not Nhdeddalno. but of course as needed to."
He added that there may be a version of the instruments before the end of 2015. But he did not mention the expected value of the issue and said that the continued issuance of instruments will depend on the extent needed to finance the budget deficit.
Since June 2014 the global price fell Brent crude of about $ 115 a barrel level -oho helped the Kingdom to record consecutive surpluses in Almizanah- to less than half.
In December the Saudi government approved an expansionary budget for 2015 and raised spending to a record low and said it would finance the projected deficit of the huge financial reserves, which dispelled fears about the economy affected by the largest oil exporter in the world fall in crude prices.
According to the budget it is expected to total public expenditure of 860 billion riyals in the year 2015 and that revenues will reach 715 billion riyals, which makes the largest oil exporter in the world recorded a deficit in the budget -marh first since the global financial crisis in 2009 when its capacity of 145 billion riyals.
The Saudi government in August sold bonds worth 20 billion riyals ($ 5.3 billion) to banks in order to help cover the huge deficit caused by a drop in oil prices. It was the second issuance of sovereign bonds since 2007, after the issuance of bonds of quasi-sovereign institutions in July a $ 15 billion riyals.
The International Monetary Fund estimates Kingdom budget deficit by about $ 150 billion in 2015. The market expects further versions because of the size of the projected deficit, where analysts expect to sell bonds worth 100-200 billion riyals in 2015.
Assaf pointed out that the Kingdom has also started to reduce unnecessary expenditures while continuing to focus on core development in health, education and infrastructure sectors because of their importance for economic growth in the long term projects. Finished / 25
[You must be registered and logged in to see this link.]
Date: 06/09/2015 12:07
..
Saudi Finance Minister Ibrahim Al-Assaf said the kingdom able to withstand the vagaries of the oil and the government will continue to issue bonds has been issued instruments before the end of 2015 to fund the projected shortfall in the largest oil exporter in the world balance.
The comments came the Minister of Finance in an interview with CNBC television Arab in Washington, where he is accompanied by a number of al-Assaf and Minister Saudi King Salman bin Abdul Aziz to the United States.
The minister said, "Saudi Arabia used to rapid rises and rapid declines in oil prices and the government since the period of the kit has been prepared and we were ready to deal with this crisis ... we have the ability to withstand the vagaries of the oil."
Al-Assaf said "we will issue additional bonds may also issue as well as instruments to finance the budget deficit ... instruments may be for specific projects in the state so far has not Nhdeddalno. but of course as needed to."
He added that there may be a version of the instruments before the end of 2015. But he did not mention the expected value of the issue and said that the continued issuance of instruments will depend on the extent needed to finance the budget deficit.
Since June 2014 the global price fell Brent crude of about $ 115 a barrel level -oho helped the Kingdom to record consecutive surpluses in Almizanah- to less than half.
In December the Saudi government approved an expansionary budget for 2015 and raised spending to a record low and said it would finance the projected deficit of the huge financial reserves, which dispelled fears about the economy affected by the largest oil exporter in the world fall in crude prices.
According to the budget it is expected to total public expenditure of 860 billion riyals in the year 2015 and that revenues will reach 715 billion riyals, which makes the largest oil exporter in the world recorded a deficit in the budget -marh first since the global financial crisis in 2009 when its capacity of 145 billion riyals.
The Saudi government in August sold bonds worth 20 billion riyals ($ 5.3 billion) to banks in order to help cover the huge deficit caused by a drop in oil prices. It was the second issuance of sovereign bonds since 2007, after the issuance of bonds of quasi-sovereign institutions in July a $ 15 billion riyals.
The International Monetary Fund estimates Kingdom budget deficit by about $ 150 billion in 2015. The market expects further versions because of the size of the projected deficit, where analysts expect to sell bonds worth 100-200 billion riyals in 2015.
Assaf pointed out that the Kingdom has also started to reduce unnecessary expenditures while continuing to focus on core development in health, education and infrastructure sectors because of their importance for economic growth in the long term projects. Finished / 25
[You must be registered and logged in to see this link.]
