Saudi Arabia Racks Up $130 Billion Deficit... Using Up Cash Reserves

[Economy 52,965]

http://www.ft.com/intl/cms/s/0/2fd630a8-2899-11e5-8db8-c033edba8a6e.html#axzz3fhrZQs97

 

Thanks to low oil prices, Saudi arabia expects a deficit of $130 Billion this year

 

They have already used up $67 Billion from their rainny day fund (which holds assets from all over the world) since last August.

 

Saudi Arabia has also began issuing ita first debt bonds since 2007 so that their deficit doesnt eat away all their funds remaining money of over $600 Billion

 

The IMF urges the Saudis to trim spending as at the current rate of Spending growth and stagnant revenue, their fund will be gone by 2018 or 2019

[monsterdreams 1,529]

I know they aren't related but I cant be sympathetic because the oppression there makes me sick  

[Economy 52,965]

I know they aren't related but I cant be sympathetic because the oppression there makes me sick  

i dont get ur logic...

 

if they are forced to make cuts, the very ppl being opressed are the ones who will suffer. On the otherhand the Government workers likely couldnt get pay cuts  

[Luc 4,776]

They should all take notes from Norway. Don't depend on your natural resources: get other sources of income (tax). 

Anyways, this is probably 1/100 of ehat the arab royal families own  

[Hecturr 1,937]

They should all take notes from Norway. Don't depend on your natural resources: get other sources of income (tax). 

Anyways, this is probably 1/100 of ehat the arab royal families own  

yaas stan for norway

[Economy 52,965]

They should all take notes from Norway. Don't depend on your natural resources: get other sources of income (tax). 

Anyways, this is probably 1/100 of ehat the arab royal families own  

this is why Canada is back in recession and the bank of Canada had to cut rates again

 

although so far were not actually loosing jobs or feeling any difference in other sectors

 

so far the shrinking GDP has been felt mostly only in energy sector and not yet spilling over general economy too much with the exeption of Alberta (Province most directly dependant on oil)