VOL. XXX

NO. 14

12-JANUARY-1987

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...