TEHRAN, Feb 05 -A high-ranking Saudi economic official says the oil-rich kingdom is going to draw down a total of 13 billion Saudi riyals ($ 3.46 billion) from the general reserves over the current year in a bid to close its budget deficit.
TEHRAN, Young Journalists Club (YJC) - Head of the Debt Management Office at the Saudi Ministry of Finance, Fahad al-Saif, said on Tuesday that with expectations for a deficit of 131 billion riyals ($34.92 billion), or 4.2 percent of gross domestic product, the volume of borrowing throughout 2019 will reach 118 billion riyals ($31.45 billion), Arabic-language Maaal financial daily reported.
He went on to say that Saudi Arabia intends to issue bonds worth billions of riyals this year – the first of which were out on January 20.
Saif highlighted that the last monthly issuance will take place on December 22, describing the measure as in line with Saudi Vision 2030, which aims to reduce the country’s dependence on oil, diversify its economy, and develop public service sectors.
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