Saudi Finance Minister Mohammed Al-Jadaan said on Saturday that the kingdom may have to borrow $60 billion to cover the huge budget deficit caused by the coronavirus pandemic.
Vast wealth and the promise of dramatic change make for cautious optimism concerning Saudi Arabia, the chief executive…112 Views | the publication reaches you by | Saudi Arabia Today
After Al-Jadaan made his statement, Saudi shares fell by 6.8 per cent on Sunday.
Last April, the International Monetary Fund said it expected the Saudi economy, the largest in the region, to contract by 2.3 per cent.
Meanwhile, Capital Economics, a London-based think-tank, said Saudi’s economy would shrink by at least five per cent as a result of its dependence on oil sales.
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