Saudi Arabia to take on billions in debt to survive the oil price crisis

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Saudi Arabia may have to borrow as much as $58 billion this year to cover a budget shortfall caused by the oil price slump, Bloomberg reports, citing Finance Minister Mohammed al-Jadaan.

Al-Jadaan told media this week that the Kingdom might issue bonds worth $26.57 billion (100 billion riyals) this year in addition to an earlier issue of $31.88 billion (120 billion riyals) worth of debt.

Saudi Aramco, for its part, is considering a $10 billion sale in part of its pipeline business, Bloomberg reported on Thursday.

“The kingdom went through similar crises in its history – maybe even worse – and was able to pass through them,” Al-Jadaan said. “This is not an exception.”

 

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