Kingdom will resort to debt market to cover fiscal deficit: Saudi Finance Minister

RIYADH, Sept. 18 (YPA) – Saudi Arabia said Wednesday it would be forced to enter the debt market for the first time in its history.

Saudi Finance Minister Mohammed al-Jadaan said the kingdom is likely to turn to the international debt market before the end of the year, according Al-Arabiya TV channel.

“Saudi Arabia’s economic growth in 2019 will be much lower than the kingdom had expected due to OPEC-led oil production cuts and the attack on Aramco,” al-Jadaan said in an interview with Reuters.

Saudi oil production was halted earlier this week by 50 percent after Yemeni drone attacks on two Saudi oil facilities last Saturday.

YPA