Budget Hole In Gulf: Saudi Arabia Looking For $ 8 Billion Loan
Dubai: First time in history, financial don Saudi Arabia is looking for his first international $ 8 Billion loan from a foreign bank for recovery of budget crack occurred in gulf countries.
According to a news report, loan giving state named Saudi Arabia now facing problem of deficit budgeting in economy that’s why royal management looking for first loan of 8 Billion American dollars from an international bank in beginning days borrowing period seems to minimum 5 years.
Almost 6 bluff countries also took more than $20 billion loan from different banks for getting solutions of their economy related problems.
Oil prices disturbed currency value in whole world especially in Saudi Arabia, who has big market of natural oil but now, first time an international band will produce bonds for Saudi’s 8 billion loans.
Riyadh management also asked to lenders to submit their outlines about loan extended its period to five years with its increasing option because government faced lot of budget deficit in result of failing big deals of oil in result of decreasing prices.
For the last couple of days, Saudi ministry issued first international bonds for loan purposes and that debt would be sold to big domestic banks.
Saudi Arabia also wants to meet their economy needs hurry in upcoming days so, might be upcoming 8 billion US dollars loan will helped out to withstand of oil price slump but the best thing is that other oil producing countries hit listed like Iran and Venezuela did not fulfill deficit budget in result of stopping their supplies forever.
Last day, Saudi Arabian government gave an invitation to all well repudiated banks for discussing the American dollars loan for the purpose of seeking the way out about filling the budget hole but still they did not make any contact with banks.