[Al Arabiya Latest] Saudi Arabia will not cut public spending and sees no need to borrow from local or international markets, press reports quoted the nation's king as saying on Tuesday. "The volume of spending will not contract and we do not need debt whether local or foreign," King Abdullah Bin-Abd-al-Aziz al-Saud said in an interview with Kuwait's al-Seyasah daily.
The monarch said the Gulf kingdom's economy was strong enough to get over the financial crisis and said a number of infra-structure projects worth billions of dollars were underway, ruling out that the possibility that Saudi Arabia would have to liquidate state investment.
King Abdullah said the current price of $75-80 a barrel is a fair price for oil. "We are now seeing a quick recovery in the global economy and we see indications of increasing demand on this material (oil)." |