Saudi reserves plunge in March as Q1 budget slips into US$9b deficit | Malay Mail

RIYADH, April 29 — Saudi Arabia’s central bank foreign reserves plunged in March to their lowest since 2011 while the kingdom slipped into a US$9 billion budget deficit in the first quarter as oil revenues collapsed. Saudi Arabia, the world’s largest oil exporter, is facing an unprecedented...

Wednesday, 29 Apr 2020 10:56 AM MYT

Saudi Arabia, the world’s largest oil exporter, is facing an unprecedented challenge this year as oil hits historic lows and measures to contain the spread of the new coronavirus are likely to curb the pace and the scale of sweeping economic reforms launched by Crown Price Mohammed bin Salman. Finance Minister Mohammed al-Jadaan said last week the kingdom would not draw down more than US$32 billion from its reserves this year and would instead increase its borrowing to nearly US$60 billion to contain a widening deficit.

Saudi Arabia, which had registered over 20,000 coronavirus cases as of yesterday with 152 deaths, had projected a deficit of US$50 billion this year, or 6.4 per cent of gross domestic product , widening sharply from 131 billion riyals last year.

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