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Saudi Arabia Could Go Bankrupt Within Five Years - IMF

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opednews.com Headlined to H3 10/29/15

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From flickr.com/photos/24662369@N07/5579802334/: Dust storm in Saudi Arabia
Dust storm in Saudi Arabia
(Image by NASA Goddard Photo and Video)
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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 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.

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At www.independent.co.uk

 

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Natylie Baldwin is co-author of Ukraine: Zbig's Grand Chessboard & How the West Was Checkmated, available from Tayen Lane Publishing. Her fiction and nonfiction have appeared in various publications including Sun Monthly, Dissident Voice, (more...)
 

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