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Saudi Arabia now BEGGING for billions in loans as oil crash leaves economy in tatters

Saudi Arabia now BEGGING for billions in loans as oil crash leaves economy in tatters

The kingdom’s record budget deficit is forcing the humbled Government to embark on the first foreign significant borrowing in more than a decade.

Lenders have secretly been asked to give terms for a loan of between of up to £5.6bn and with the option to increase it, according to sources close to the matter.

Saudi Arabia is the world’s largest crude oil producer and low oil prices have slashed the arab country’s profits.

After year’s of the royal family living a life of unbelievable luxury and citizens being cushioned with low taxes and bill subsidies, the country is now being brought back down to earth with a bang.

At the end of last year, the kingdom unveiled a £66bn deficit and warned its people of raised taxes.

Via

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