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Saudi Arabia's Financial Reserves Collapse

Posted By: AndiV
Date: Tuesday, 22-Dec-2020 16:15:08
www.rumormill.news/161240

After six years of aggression against Yemen, Saudi Arabia is recording the largest government deficit in its budget, and the highest percentage of its internal and external debts in 2021.

Riyadh announced the 2021 budget with spending of $ 264 billion in return for revenues of $ 226 billion, expecting a deficit of $ 38 billion.

Although the Saudi government is evading the admission that the most important reason of this deficit is the war on Yemen, and attributed the causes to the drop in oil prices and the Corona pandemic, economic observers do not see that the Corona pandemic Short-term and recent low oil prices have caused such an economic crisis to one of the largest global economic countries. Riyadh must acknowledge to its people that the costs of the war in Yemen, arms purchase deals and the purchase of international positions in support or silence about what is happening in Yemen are among the most important reasons that led to the deteriorating economic situation and they cost over tens of billions of dollars from its reserve funds.

During the year 2017 alone, Riyadh granted a million job opportunities to Americans, and signed deals with the former US President Donald Trump by more than $ 450 billion to ensure his stand by it and to buy more arms deals to continue the war on Yemen.

During the past five years since of the aggression on Yemen, the military spending within Saudi budgets exceeded the spending on the education and health sectors, and reached 20.9% of the total government spending.

Saudi Arabia topped the list of countries in terms of military expenditures, as over $ 60 billion was spent in 2018 alone, and this number is three times higher than military spending in "Israel", without achieving any goal, according to the US Brookings Institution.

The financial data of Saudi budgets revealed that the allocations for military spending from 2016 to 2020 exceeded about $ 273 billion with an increase of $ 71 billion over the amount of spending on the health sector.

The data of the Stockholm International Peace Research Institute (SIPRI) also showed that Saudi Arabia is the fifth largest country in the world with military spending, in 2019, and its arms imports increased by 8.7%, amounting to $ 3.67 billion.

The Saudi financial data itself exposes the falsehood of the alleged reasons by the Saudi regime of the deficit and debt crisis. Riyadh ended the first year of the aggression on Yemen in 2015 by registering domestic debts for the first time in its history, and in the following year 2016, it began external borrowing along with doubling the amount of the internal debt, while the price of a barrel of oil was still high.

https://english.almasirah.net/post/16733/Kingdom-s-Financial-Reserves-Collapse-..-Saudi-Arabia-Is-Drowning-in-Yemen






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