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Saudi to hike borrowing to stimulate virus-hit economy

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'We will raise the proportion of borrowing from 30 to 50 per cent of GDP.'

Mr Jadaan added that while the deficit would increase, he did not anticipate it exceeding seven per cent to nine per cent of GDP for the current year.

In response to the Covid-19 pandemic, Saudi's Interior Ministry said Friday that all public transport would be suspended in an effort to contain the virus' spread. The rules apply to all internal flights, buses, taxis, trains and ferries"for a period of 14 days beginning Saturday morning", the official SPA news agency reported.

 

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