Financial and Banking News
BUDGETS AND REVENUES
Sultan Defends Reserve Drawdown to Meet Budget Deficit
The Saudi Defense Minister, Prince Sultan ibn 'Abd al'Aziz, has defended thedecision to finance the SR52.72bn ($14.1bn) deficit in the 1987 Saudi budget bydrawing down the state's reserves. Reports in the Saudi press quote PrinceSultan as saying that a drawdown of reserves is the best of the three optionsfacing the Saudi authorities, the alternatives being either...