Saudi Arabia to tap international debt markets as deficits return

By Aziz El Yaakoubi and Pesha Magid RIYADH - Saudi Arabia is expected to tap the international debt markets to finance a projected budget deficit in 2023-2024, the finance ministry said,Church Brewing: where the customers are the congregation and the choir | SaltWireRIYADH - Saudi Arabia is expected to tap the international debt markets to finance a projected budget deficit in 2023-2024, the finance ministry said, against a backdrop of lower oil prices and the country's extended oil...

The country still depends heavily on oil revenues, even though it has spent heavily on initiatives to diversify its economy. Oil prices, which remain below last year's average of $100 a barrel, rose above $90 after Riyadh said last month that it was extending a voluntary oil output cut of 1 million barrels per day until the end of 2023.

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