KSA forced to boost borrowing as oil glut slams virus-hit economy

KSA forced to boost borrowing as oil glut slams virus-hit economy

from its reserves to finance a government deficit caused by lower oil prices. and the coronavirus crisis, the Saudi finance minister has said.. After having announced a nearly five percent cut in the state's 2020. budget in March, Finance Minister Mohammed al-Jadaan said during a news. Riyadh last month raised its debt. deficit caused by lower oil prices and the economic downturn caused by the. Riyadh last month announced emergency. that the state would pay 60 percent of salaries during the coronavirus shutdown.. only getting 10 percent of their salaries, because the government was not.