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Saudi Arabia seeks for $8 billion bank loan

by ChemOrbis Editorial Team - content@chemorbis.com
  • 10/03/2016 (15:58)
According to media reports, Saudi Arabia is seeking an $8 billion loan from international lenders in order to keep a record high budget deficit stemming from multi-year low oil prices in check. In 2015, Saudi Arabia’s fiscal deficit rose to $98 billion from about $15 billion in 2014.

In November 2015, Standard & Poor’s (S&P) cut Saudi Arabia’s credit rating, claiming that lower crude oil prices will widen Saudi Arabia’s budget deficit. On March 4, Moody’s also reported that they may cut the country’s credit rating.
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