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Saudi Arabia announces the completion of the sukuk program in local currency
Saudi riyal
Arab and international
Economy News Baghdad:
Saudi Arabia's Ministry of Finance announced on Sunday the completion of the Saudi Riyal Sukuk program of unlimited duration or value.
The ministry said in a statement on its website, "Economy News", that "through the program, will issue sukuk and put it in several stages from time to time to investors," according to the Ministry of Finance discretion mandated by the budget decree.
The Saudi government, with its announcement of the 2017 budget at the end of last year, said it would issue bonds and sukuk to provide the funds needed to pay the 2017 budget deficit.
Saudi Arabia, the world's largest oil exporter, is currently suffering from a sharp decline in its fiscal revenues, driven by a drop in crude oil prices from mid-2014.
In April, Saudi Arabia announced the creation of an international program to issue the first international instruments denominated in US dollars.
Last December, Saudi Arabia approved the 2017 budget with a total expenditure of 890 billion riyals ($ 237.3 billion) compared to 692 billion riyals (184.5 billion dollars), with an estimated deficit of 198 billion riyals ($ 52.8 billion).
The Ministry said in its statement today that the establishment of the Sukuk program is a continuation of the role of the Public Debt Management Office in securing the financing needs of the State Treasury at the best possible cost and in line with the objectives of the financial balance program.
Saudi Finance will subsequently determine the terms and conditions of each version of the program, the categories entitled to subscribe to the sukuk, the size of the offering and the expected yield of the sukuk holders.
Oil declines pushed the Saudi government to launch its first dollar-denominated state bonds last year, raising $ 17.5 billion and a $ 10 billion international loan.
Saudi Arabia's public debt rose at the end of 2016 to 316.5 billion riyals ($ 84.4 billion), accounting for 12.3 percent of GDP at constant prices, compared with 142.2 billion riyals (about $ 38 billion), 5.9 percent of GDP in 2015.
http://economy-news.net/content.php?id=8360
Saudi riyal
Arab and international
Economy News Baghdad:
Saudi Arabia's Ministry of Finance announced on Sunday the completion of the Saudi Riyal Sukuk program of unlimited duration or value.
The ministry said in a statement on its website, "Economy News", that "through the program, will issue sukuk and put it in several stages from time to time to investors," according to the Ministry of Finance discretion mandated by the budget decree.
The Saudi government, with its announcement of the 2017 budget at the end of last year, said it would issue bonds and sukuk to provide the funds needed to pay the 2017 budget deficit.
Saudi Arabia, the world's largest oil exporter, is currently suffering from a sharp decline in its fiscal revenues, driven by a drop in crude oil prices from mid-2014.
In April, Saudi Arabia announced the creation of an international program to issue the first international instruments denominated in US dollars.
Last December, Saudi Arabia approved the 2017 budget with a total expenditure of 890 billion riyals ($ 237.3 billion) compared to 692 billion riyals (184.5 billion dollars), with an estimated deficit of 198 billion riyals ($ 52.8 billion).
The Ministry said in its statement today that the establishment of the Sukuk program is a continuation of the role of the Public Debt Management Office in securing the financing needs of the State Treasury at the best possible cost and in line with the objectives of the financial balance program.
Saudi Finance will subsequently determine the terms and conditions of each version of the program, the categories entitled to subscribe to the sukuk, the size of the offering and the expected yield of the sukuk holders.
Oil declines pushed the Saudi government to launch its first dollar-denominated state bonds last year, raising $ 17.5 billion and a $ 10 billion international loan.
Saudi Arabia's public debt rose at the end of 2016 to 316.5 billion riyals ($ 84.4 billion), accounting for 12.3 percent of GDP at constant prices, compared with 142.2 billion riyals (about $ 38 billion), 5.9 percent of GDP in 2015.
http://economy-news.net/content.php?id=8360
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