Published On: Tue, Oct 27th, 2015

Saudi Arabia may face financial deficit in next five years, cautioned IMF

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Saudi Arabia may face financial deficit in next five years, cautioned IMF

Saudi Arabia may face financial deficit in next five years, cautioned IMF

If Saudi Arabia maintains its current spending policies, it may run out of financial assets, the international. This is due to the slump in oil prices in international market, has led to Saudi Arabia’s fiscal position coming under persistent pressure. The kingdom is suffering from a budget deficit of more than 20 per cent of gross domestic product this year, amounting to between $100 billion to $150 billion, according to the IMF’s estimates. Lenders further advised, “Saudis needs to readdress their fiscal spending to manage the mounting budget deficit in next years”.

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