Saudi Gov’t Won’t Shrink Investments Amid Lower Oil Prices

Saudi Arabia’s government won’t reduce spending even if crude oil prices fall below what it had budgeted for in 2009, the kingdom’s Finance Minister Ibrahim Abdulaziz Al-Assaf said Tuesday.

He added that Saudi Arabia had also accumulated sufficient reserves that it could tap into easily for the next three to five years.

“Even if we run out of reserves, over the last few years we have covered most of our debt, now it’s only 20% of GDP, so now we have more reserves,” Al Assaf said.

Rigzone