Riyadh - Mubasher: Fitch Ratings said that the $107 billion that Saudi Arabia obtained in settlements from the crackdown on corruption will help balance the kingdom’s budget.
The full impact on the oil-rich nation’s credit ratings will depend on the seized assets and their usage, as well as the implications on the investment climate.
The ratings agency noted that the announced seized funds are double the value of the 7% budget deficit, an equivalent of 15% of the Saudi gross domestic product (GDP).
This will help reduce the need for borrowing or withdrawals from government deposits at the Saudi Arabian Monetary Authority (SAMA).
