Published On: Sun, Oct 25th, 2015

Saudi Arabia Could Be Bankrupt Within Five Years, IMF Predicts

US Defense Secretary Chuck Hagel Embarks On Trip To Middle East

 

Saudi Arabia’s cash reserves are in free-fall and the country could have only five years of financial assets remaining due in large part to the fall in oil prices, according to a report by the International Monetary Fund (IMF). In its World Economic and Financial Surveys, released every October, the IMF said that the kingdom will suffer a negative 21.6 per cent “General Government.

In its World Economic and Financial Surveys, released every October, the IMF said that the kingdom will suffer a negative 21.6 per cent “General Government Overall Fiscal Balance” in 2015 and a 19.4 per cent negative balance in 2016, a massive increase from only -3.4 per cent in 2014.

Saudi Arabia currently has $654.5 billion in foreign reserves, but the cash is disappearing quickly.

Read the full story at EIN News, by Adam Leyland

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