Business Day

Saudi Arabia sells bonds to fund deficit

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Saudi Arabia announced on Thursday it had undertaken another multibilli­on-dollar bond sale to finance a persistent budget deficit left by low oil prices. The world’s top crude oil exporter raised $12.5bn in its third internatio­nal bond issue, the finance ministry said. It comes as Saudi Arabia pursues economic and social reforms, including this week’s announceme­nt to end a ban on women driving.

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