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"S & P" expects the Saudi budget deficit to 9%
08/04/2017
The credit rating agency Standard & Poor's predicted high deficit in the Saudi budget during the year 2017 to 9% of GDP compared to 8% deficit target by the Saudi government.
The agency revealed the expected deficit of 7% on average for the period (2017-2019m) that Anhvd the deficit to 4% by the year 2020, noting that the credit rating of the Kingdom at the " A -/ A-2 " with a stable outlook.
The agency said that the forecast deficit in the Saudi budget was built on the basis of the stability of oil prices and the survival of the kingdom's output of oil at 10 million barrels per day during the period 2017-2020 AD, in addition to the new factor is to add about 2% of the GDP of new income in the year 2019 AD after the application of value-added tax from the beginning of the 2018 year.
With regard to net general government debt, the agency is expected to rise in the average score of 2% of gross domestic product that is funded 70% of the deficit by issuing bonds and 30% through the monetization of government assets, noting that the total liquid state assets will reach about 104 % of the GDP of deposits and government reserves and the proceeds of investments and liquid assets of the pension funds of government.
With regard to the banking sector, the agency classified the risk of the Saudi banking sector at the fourth degree, accounting for the first class is less risk and tenth grade the most risky and predicted that non-performing loans from the 1.4 percent rise by the end of 2016 to 3.0% over the next two years, as the "Saudi Oger" sold its stake in the Arab Bank amounting to 20% compared to $ 1.12 billion.
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