Saudi government in talks with banks for additional borrowing

10/01/2018 Argaam

 

Saudi Arabia is weighing the option of increasing the size of its $10 billion loan secured in 2016, Bloomberg reported, citing people familiar with the matter.

 

The Kingdom could borrow another $5 billion as lenders are in talks with the government to increase the loan amount. No final decisions have been made and discussions may not result in a new deal, the report added.

 

Arranging new bilateral or club facilities with the banks is also being discussed.

 

In 2016, the Saudi government borrowed a$10 billion loan from banks including HSBC, JPMorgan Chase & Co. and Bank of Tokyo Mitsubishi UFJ – its first loan in 15 years.

 

The world’s top oil exporter plans to borrow about $31 billion this year to bridge an expected budget deficit of $52 billion and fund growth plans, the agency said.  

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