Why Saudi Arabia’s dependence on Aramco billions is ‘unsustainable’
- Date: 24-Oct-2020
- Source: Arabian Business
- Sector:Oil & Gas
- Country:Saudi Arabia
Why Saudi Arabia’s dependence on Aramco billions is ‘unsustainable’
Saudi Arabia's dependence on dividends paid by state-controlled oil giant Aramco to delay spending cuts is not sustainable and the kingdom may face challenges to keep its debt/GDP ratio under control, according to a leading analyst.
Eirini Tsekeridou, fixed income research analyst at Julius Baer, told Arabian Business that Saudi Arabia will only be able to deliver a balanced budget in 2023 as the economy struggles with the impact of coronavirus.
Prices rise by an average of 6% during Q3 compared to just 0.9% in Q2, following the tripling of VAT in the summer
Saudi Arabia has recently published its 2021 pre-budget statement with the final version to be released in December.
In it, Saudi Arabia expects a budget deficit in 2020 close to 12 percent, declining to 5.1 percent of GDP in 2021,
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