Saudi Arabia seeks loan to shore up state coffers

|By:, SA News Editor

Saudi Arabia is seeking a bank loan of between $6B-$8B, in what would be the first significant foreign borrowing by the kingdom's government in over a decade.

Riyadh has asked lenders to submit proposals to extend it a five-year U.S. dollar loan of that size, with an option to increase it, to help plug a record budget deficit caused by low oil prices.

The kingdom's budget deficit reached nearly $100B last year.

Previously: Report: Saudi Arabia looking to borrow $10B (Mar. 02 2016)


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