Saudi Arabia plans to draw down Riyals 120 billion ($32 billion) from its cash reserves, and increase borrowing this year by Riyals 120 billion, in attempt to stem the damage low oil prices and the coronavirus pandemic is wrecking on the economy, minister of finance Mohammed Al-Jadaan said Wednesday. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The OPEC kingpin’s total borrowings this year will add up of Riyals 220 billion since it has already raised Riyals 100 billion in loans and bonds. Strict measures to combat deficits in the budget are in place, however, the country’s GDP is expected to shrink this year, Jadaan announced in a press conference that was televised online. The country’s economy has been severely hit by the pandemic and the […]