Saudi foreign assets shrink to 4-year low
Fresh data released by Saudi Arabia show the country’s net foreign assets have fallen to their lowest level in four years.
According to the Saudi Arabian Monetary Agency, the assets shrank 6 billion dollars in April, hitting 572 billion dollars. The kingdom has been forced to liquidate some of its financial holdings to cover a growing budget deficit. The shortfall has been blamed on falling oil prices. Saudi Arabia is also involved in a costly war in Yemen and gives billion of dollars to terrorists in Syria and Iraq. Riyadh has unveiled an ambitious plan to cut its dependency on oil revenues.
Professor of international political economy