Government plans to cover two-thirds of budget gap with foreign borrowing
The government is planning to cover c60-70% of this year's budget deficit via international borrowing such as eurobond issues, direct placements of debt and other instruments, the Central Bank's Executive President Hamood Sangour al-Zadjali said. The rest of the deficit will be financed locally by drawing down financial reserves, such as money held by the State General Reserve Fund, a sovereign fund, and issues of sukuk, he added. (Reuters)
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