RIYADH, May 3 (NNN-SPA) – Saudi Finance Minister, Mohammed al-Jadaan, said that, his country “must reduce expenditures” to mitigate the economic impact of the COVID-19 pandemic.
“Saudi Arabia is committed to protecting itself from the economic fallout of COVID-19 through any necessary financial measures, despite plunging oil revenues,” he said, in an interview with Al Arabiya TV.
The minister said that, the kingdom would limit the amount of money it would take from its reserves to a maximum of 32 billion dollars.
Instead, Saudi Arabia would take advantage of its mostly untapped ability to borrow, by issuing 60 billion dollars of debt, he added.
The Saudi Arabian Monetary Authority, said that, foreign assets fell in Mar, to 464 billion dollars, the lowest in 19 years, as the kingdom is combating the economic fallout of the virus.
Saudi Arabia has taken serious steps to fight the spread of the virus, including nationwide curfews and suspending nearly all activities.
Saudi Arabia has so far reported 25,459 cases, with 1,362 added on Saturday. The kingdom also confirmed seven new fatalities, raising the death toll to 176.
