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Saudi debts increased 1500% during Salman's rule

May 18, 2020 at 12:16 pm

King Salman bin Abdulaziz Al Saud of Saudi Arabia on February 24, 2019 in Sharm El Sheikh, Egypt [Dan Kitwood/Getty Images]

Saudi’s national debt has increased 1,500% since King Salman came to power in 2015 according to data released by the World Bank.

At the end of 2019, the kingdom’s debt reached $183.7 billion, compared to $11.8 billion in 2014; a rise of over 1,560 per cent, according to data collected by Arabi21.

Saudi Finance Minister, Mohammed Al-Jadaan, announced his government plans to borrow 220 billion riyals ($58 billion) this year, this will push the country’s debt to a quarter of a trillion dollars.

Plunging oil prices and the suspension of Hajj and Umrah travel have reduced the country’s income.

This, along with the high costs of the Yemen war and the interventions in Libya, Syria and other Arab states have increased the country’s expenditure and raised its debts, observers say.

READ: Saudi Arabia urges OPEC+ to further reduce oil production to restore market balance