SAUDI ARABIA GOES TO THE MARKETS AS GOVERNMENT FACES BUDGET CRUNCH
May 1st, 2016
Saudi Arabia has approached international financial markets for the first time since 1991 to raise funds due to a burgeoning government deficit in the wake of lower oil prices. The April move was followed by the launch from Deputy Crown Prince Mohammed bin Salman of a ‘Vision 2030’ programme to diversify the kingdom’s economy from hydrocarbons, possibly as soon as 2020. The Vision was a formal announcement of what the prince – known as MbS and a powerful son of King Salman - had hinted earlier in the year, in an interview with the Economist newspaper, to ...
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