Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» AMERICA’S COLOR REVOLUTION — Brought To You By The U.S. Intelligence Community & Coming To A City Near You
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeMon Jun 17, 2024 5:58 am by kenlej

» Go Russia
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeMon Jun 17, 2024 5:49 am by kenlej

» I am too pretty for math, but....
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeWed Jun 12, 2024 6:56 pm by Mission1st

» Interesting article
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeWed Jun 12, 2024 6:34 pm by Mission1st

» Phony Tony: New Platform, same old song and dance
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeWed Jun 12, 2024 6:32 pm by Mission1st

» The Craziness of Scam by "Tony TNT Renfrow" and the Iraqi Dinar Currency Scam
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeTue Jun 11, 2024 12:26 pm by Mission1st

» Even conspiratorial currency speculators aren’t buying a Russian ruble revalue - It’s not the next the Iraqi dinar
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeMon Jun 10, 2024 1:04 pm by RamblerNash

» The Fundamentals of Finance and Pimpy Live
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeFri Jun 07, 2024 5:02 pm by Dorotnas

» Carnival Rides
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeFri May 10, 2024 5:03 pm by kenlej

» Go Russia
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeSun May 05, 2024 10:51 am by kenlej

» Textbook Tony
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeMon Apr 29, 2024 4:13 pm by Mission1st

» The Rockefellers and the controllers are freaking out right about now
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeFri Apr 26, 2024 11:16 am by kenlej

» Phony Tony sez: Full Steam Ahead!
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeSat Apr 13, 2024 11:51 am by Mission1st

» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeSat Apr 13, 2024 11:45 am by Mission1st

» Russia aren't taking any prisoners
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeFri Apr 05, 2024 6:48 pm by kenlej

» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeWed Mar 27, 2024 6:02 am by Ditartyn

» ZIGPLACE
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeWed Mar 20, 2024 6:29 am by Zig

» CBD Vape Cartridges
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeThu Mar 07, 2024 2:10 pm by Arendac

» Classic Tony is back
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeTue Mar 05, 2024 2:53 pm by Mission1st

» THE MUSINGS OF A MADMAN
Saudi to cut spending, issue more bonds to shore up budget I_icon_minitimeMon Mar 04, 2024 11:40 am by Arendac

Saudi to cut spending, issue more bonds to shore up budget

2 posters

Go down

Saudi to cut spending, issue more bonds to shore up budget Empty Saudi to cut spending, issue more bonds to shore up budget

Post by RamblerNash Sun Sep 06, 2015 5:09 pm

Saudi to cut spending, issue more bonds to shore up budget

Saudi to cut spending, issue more bonds to shore up budget D19448d6-6aaa-4359-a768-eadacf5fbca9_afp-gif_new
 17 hours ago    


Saudi to cut spending, issue more bonds to shore up budget Ab1758477466bf15cd913eb34dba920eefc35dcd

.
View photo

Saudi Arabian Finance Minister Ibrahim Al-Assaf attends a 2013 investor conference in Riyadh (AFP Photo/Fayez Nureldine)



Dubai (AFP) - Saudi Arabia will cut spending and issue more bonds as it faces a record budget shortfall due to falling oil prices, the finance minister said on Sunday.

The kingdom -- the biggest Arab economy and the world's largest oil exporter -- is facing an unprecedented budget crunch after crude prices dropped by more than half in a year to below $50 a barrel.

It has so far relied on its huge fiscal reserves to bridge the gap but Finance Minister Ibrahim al-Assaf said more measures would be necessary.

"We are working... to cut unnecessary expenditure," Assaf told Dubai-based CNBC Arabia in Washington, where he is accompanying King Salman on a visit.

He provided no details on the scale of the cuts but insisted key spending in education and health and on infrastructure would not be affected.

"There are projects that were adopted several years ago and have not started yet. These can be delayed," Assaf said.

He said the government would issue more conventional treasury bonds and Islamic sukuk bonds to "finance the budget deficit" -- which is projected by the International Monetary Fund at a record $130 billion (117 billion euros) for this year.

The kingdom has so far issued bonds worth "less than 100 billion riyals ($27 billion/24 billion euros)" to help with the shortfall, he said, without providing an exact figure.

"We intend to issue more bonds and could issue sukuk for certain projects... before the end of 2015," Assaf said.

Saudi Arabia has projected an official budget shortfall for this year of $39 billion, but the IMF and other institutions believe the actual deficit will be much higher.

The IMF forecast in July that the deficit will be 20 percent of Gross Domestic Product (GDP), while Saudi Arabia's Jadwa Investment firm said on Wednesday it expects the shortfall to be around $109 billion.

In 2014, Saudi Arabia posted a budget deficit of $17.5 billion -- only its second since 2002.
Jadwa said that by the end of July the government had withdrawn $82 billion from its reserves, reducing the assets to $650 billion.

The reserves are expected to drop to $629 billion by the end of the year, Jadwa said.
Economic growth is expected to slow from the 3.5 percent recorded last year, with the IMF forecasting in July that the Saudi economy would expand by 2.8 percent this year.
It is forecasting 2.4 percent growth for next year.

Citing official figures, Jadwa said Wednesday that the Saudi economy grew 3.8 percent in the second quarter, up from 2.4 percent in the previous period, due to a rise in oil production.

Saudi Arabia pumped a record 10.6 million barrels per day in June but this slowed to 10.4 million bpd in July, it said.

The budget shortfall is hitting as Saudi Arabia maintains a costly military intervention against Iran-backed Huthi rebels in neighbouring Yemen.


http://news.yahoo.com/saudi-cut-spending-issue-more-bonds-shore-budget-004245907.html

*****************
Saudi to cut spending, issue more bonds to shore up budget 258310255 
>>>TNTBS's YouTube Channel<<<
RamblerNash
RamblerNash
GURU HUNTER
GURU HUNTER

Posts : 24272
Join date : 2015-02-19

Back to top Go down

Saudi to cut spending, issue more bonds to shore up budget Empty Re: Saudi to cut spending, issue more bonds to shore up budget

Post by Kevind53 Sun Sep 06, 2015 5:55 pm

Not unexpected ...

*****************
Trust but Verify --- R Reagan Suspect

"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

 Saudi to cut spending, issue more bonds to shore up budget 2805820865  Saudi to cut spending, issue more bonds to shore up budget 2805820865  Saudi to cut spending, issue more bonds to shore up budget 2805820865  Saudi to cut spending, issue more bonds to shore up budget 2805820865
Kevind53
Kevind53
Super Moderator
Super Moderator

Posts : 27254
Join date : 2011-08-09
Age : 24
Location : Umm right here!

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum