Pakistan has relied on long-time allies such as China, Saudi Arabia, and the UAE to ‘roll over’ debt rather than force a repayment crunch
The kingdom’s total public debt stood at SAR1.149tn at the end of June, up from SAR1.05tn at the end of last year
Oil revenues dropped by 19.4 per cent to KWD21.5bn in FY 2023/24, based on an oil price of $86.36 a barrel, compared to KWD26.7bn a year earlier
The kingdom is turning to the debt market to find alternative funding sources to cover an anticipated fiscal shortfall of about $21bn this year
Oil revenues reached SAR181.9bn, while total revenues were SAR293.4bn as non-oil revenues edged higher, although oil still dominates
The government had estimated a deficit of SAR82bn in its December budget statement and is forecasting a deficit of SAR79bn in 2024
The projected deficit for the next fiscal year is 13.5 per cent lower than that forecast in the current year
The largest Arab economy expects real gross domestic product to grow by 0.03 per cent this year
The country’s fiscal and debt positions strengthened in 2022 on the back of higher oil prices and budget consolidation measures
The initiative follows years of political tensions that have stymied efforts to diversify the country’s economy and promote foreign investment
Salaries and subsidies in the 2020-21 fiscal year accounted for 73 per cent of spending
Saudi Arabia raised $800m from the recent sale of two flour mills, which followed two other mill sales of $740m last year
Total expenses during that period are projected at KD114.1bn
To generate liquidity, the government began last year swapping its best assets for cash with the $600bn Future Generations Fund
The kingdom will stick to its plan to cut spending by 7.3 per cent in 2021
Besides signing a bridge loan for OMR770m and issuing OMR550m in development bonds this year, Oman has also been tapping its reserves and privatising some assets
The government could still face a budget deficit of over 13 per cent of gross domestic product in 2020
The sultanate’s dollar-denominated bonds have lost 1.6 per cent this year, the worst performer in the region
Kuwait raised $8bn in March 2017 in its first sale of international bonds
The 10-year bonds yield 7.375 per cent, a substantial yield premium that has attracted more than $7.5bn so far