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.
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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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