Saudi Arabia won’t tap debt market again in 2020, says Al-Jadaan

21/11/2020 Argaam

Saudi Arabia is not planning to tab international debt markets again this year, as the Kingdom prefers local borrowing to fund the budget deficit, Mohammed Al-Jadaan, Saudi Minister of Finance and Acting Minister of Planning, told Bloomberg.

 

“We went to the local market significantly this year, we are likely to go to the market next year,” Al-Jadaan said in an interview with Bloomberg TV on Friday. “There are no plans currently for an international issuance.” 

 

Al-Jadaan added that he expects domestic spending by the the Public Investment Fund (PIF) to boost the local economy in the coming years. 

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