NID has invested 7. 7.7 billion in several international companies this year, leaving the government with a huge budget deficit.
Riyadh. The government of Saudi Arabia is facing financial difficulties due to the Corona Lockdown and the fall in crude oil prices and is facing a huge budget deficit, while the country's investment fund is investing in international institutions. In the first quarter of this year, it has invested more than 7. 7.7 billion in a number of international companies, including oil companies.
According to the French news agency, two shocks, the Corona virus lockdown and the fall in oil prices, have led the Saudi government to triple its value-added rate due to a huge budget deficit, suspending the monthly allowances of government employees and cutting spending. Saudi Arabia, which for decades enjoyed massive subsidies, jobs and a tax-free life in the face of huge crude oil revenues, is now in financial trouble.
On the other hand, its sovereign fund is emerging as one of the largest buyers of assets in the world, investing in US and European blue chip firms. It has invested بہت 7.7 billion in a number of companies, including Starbucks, Marriott and Citigroup, as well as oil companies such as Royal Dutch Shell and Total. PIF Governor Yasser al-Rumian said in April that "you should not waste any crisis."
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