Analysts with the International Monetary Fund project that Saudi Arabia will be broke in the next five years if the government maintains current policies
By Beatrice Gitau,
The Middle East’s biggest economy, Saudi Arabia, could burn through its financial assets within five years, amid a drop in oil prices, the International Monetary Fund (IMF) has warned.
In its latest Middle East economic outlook report, the IMF said it expects Saudi Arabia to run a budget deficit of 21.6 percent in 2015 and 19.4 percent in 2016.
If oil prices remain as low as they are, and the government maintains current economic policies, Saudi Arabia “would run out of buffers in less than five years,” the Washington-based lender said.
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