Painful steps ahead to fight economic downturn – Saudi finance minister

      Published on Sunday, 10 May , 2020      790 Views     
Painful steps ahead to fight economic downturn – Saudi finance minister

  • Business

Saudi Arabia is committed to protecting itself from the economic fallout of the coronavirus through any necessary financial measures despite plunging oil revenues, Finance Minister Mohammed al-Jadaan told Al Arabiya on Saturday. Earlier this week, the Kingdom reported that its budget had fallen into a $9 billion deficit after oil revenue plunged amid a global oversupply of crude due to the coronavirus pandemic. Despite oil being Saudi Arabia’s largest revenue, the Kingdom maintains significant reserves and has vast untapped borrowing potential.

Category Business, Government, Gulf TV, Saudi Arabia | 2020/05/10 latest update at 5:10 PM
Source : Al Arabiya | Photocredit : Google
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