Saudi Arabia avoids financial crisis – now for the hard part

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Saudi Arabia has dodged a financial crisis due to low oil prices by slashing state spending and borrowing tens of billions of dollars abroad, but now it faces a tougher challenge: getting the economy growing again. In a series of interviews with Reuters reporters last week, senior Saudi officials said reforms announced on national television by Deputy Crown Prince Mohammed bin Salman a year ago had stabilised state finances enough for the government to begin focusing on investing in the economy. Spending cuts are shrinking a $98 billion (£76 billion) budget deficit that was created by oil’s plunge.

May 05, 2017 at 04:37PM

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