Saudi to take $ 10 billion of external lending
Saudi Arabia is going to take a loan of $ 10 billion from foreign banks to help fill the gap in public finances of oil revenues collapsed, Bloomberg News reported. Citing three people with knowledge of the matter, Bloomberg said it would be the first sovereign loan in at least 15 years at United, the world's biggest oil exporter. The five-year loan should be signed by the end of this month, said sources from Bloomberg, who asked not to be identified as the information is private. They said US banks, European, Japanese and Chinese funds pay about 0 basis points over interbank offered rate London. Meanwhile, the kingdom is to announce his "vision" for the future social and economic development. This will include a "national transformation program" to diversify the economy away from oil, which represents more than 70 percent of state revenue. Some agencies have lowered the long-term credit ratings of Saudi Arabia. Fitch Ratings earlier this month lowered Riyadh to AA- from AA due to "major negative implications" from the drop in oil prices.
(With AFP)
category : Muslim World News
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