Saudi minister denies plans to resort to international borrowing in 2020

0 9

Give Iftar and Sahur this Ramadan

Feeding the poor and needy is an act that draws us closer to Allah. We earn His forgiveness, mercies and blessings through this act of charity.

“Whoever gives food to a fasting person with which to break his fast will have a reward equal to his, without it detracting in the slightest from the reward of the fasting person” Al-Tirmidhi

YOU MIGHT ALSO LIKE

Saudi Finance Minister Muhammad Al-Jadaan on Friday denied plans to resort to international debt markets again this year to compensate for the kingdom’s budget deficit.

Speaking to Bloomberg TV, the minister said: “We went to the local market significantly this year, we are likely to go to the market next year. There are no plans currently for an international issuance.”

Al-Jadaan expected domestic spending by the sovereign wealth fund, known as the Public Investment Fund (PIF), to boost the local economy in the coming years.

He added that Saudi officials expect the gross domestic product (GDP) to grow from 3.1 to 3.2 per cent in 2021, after contracting 3.8 per cent this year.

“PIF is looking at where is the most optimal investment they will have,” Al-Jadaan said, adding that “there are significant opportunities locally, so they are targeting local investments, but they are still investing abroad.”

READ: Saudi Arabia to invest more than $5bn in artificial intelligence by 2030

Support Islam Religion Guardian
At the present time, we are running on very limited funds. In order for us to run Islam Religion Guardian service efficiently, we are in need of your generous support.

According to the Saudi Ministry of Finance, public debt increased during the first nine months of this year to 847.753 billion riyals ($226.1 billion).

Saudi Arabia has also recorded a deficit of about one billion riyals ($ 49.084 billion) during the first nine months of 2020.

Middle East Monitor

Subscribe to our newsletter
Sign up here to get the latest news, updates delivered directly to your inbox.
You can unsubscribe at any time

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy