The Dhaka Times Desk This is the first time that Saudi Arabia asked for a loan from abroad. This state, which is rich in oil resources, asked for a loan from the international creditor group to meet the budget deficit due to the increase in oil prices!
The Saudi authorities have already officially started sending letters to various lending banks for the US$10 billion loan. However, the letter did not specify the amount of money sought. Sources in the media The Independent say that the amount of this debt could be more than 10 billion US dollars.
When contacted, the Saudi Ministry of Finance and the Central Bank did not provide any information regarding the loan. Saudi Arabia's demand for loans clearly indicates that Saudi Arabia is forced to borrow to boost its domestic economy as oil prices fall.
According to media reports, the Saudi government has already increased the price of oil in the domestic market by 40 percent. However, the increase in the price of oil in the country's domestic market is largely due to last year's ambitious budget than the decrease in overall oil prices. The country was struggling economically since the beginning of the year to implement the ambitious budget of 100 billion dollars last financial year. The price of oil in the local market has been increased mainly to deal with the deficit budget.
It is known that for the next 5 years, the country will not give any subsidy to its people in water, electricity, gas and fuel oil. The Saudi monarchy has historically under-resourced oil for its people. However, in the current economic recession, this country is forced to withdraw from that tradition.
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