Riyadh-Sana
The Saudi Minister of Finance, Muhammad Al-Jadaan, announced that his country withdrew $ 40 billion from foreign reserves held by the Central Bank to finance investments last March and April.
Reuters quoted Jadaan as saying in a statement that the transfers to the Public Investment Fund were made "exceptionally" without giving separate figures for every month, but a Finance Ministry official revealed to the agency that the government transferred $ 15 billion to the fund in March and another 25 billion in April, noting that it is from Foreign reserves are expected to decrease in April at about the same rate as in March.
According to calculations based on data from the central bank of the Saudi system, foreign reserves in the bank fell in March by about 27 billion dollars on a monthly basis, which is the fastest pace in at least 20 years.
The Saudi Economic Newspaper recently revealed that the bankruptcy committee of the Saudi regime received about 381 requests for liquidation and settlement of positions from companies, institutions and individuals during the period from last January until mid-May.
The Saudi regime is experiencing a stifling economic crisis, as it started some time ago to obtain funds through borrowing, as oil prices fell in the markets and its budget deficit continued for the eighth consecutive year, while continuing its aggressive war on Yemen, its support and financing of terrorist organizations in Syria, and its reckless policies in the region that drained Much of its resources, the largest of which is oil.
