March 20, 2020 / 2:14 PM / 11 days ago

Saudi Arabia to borrow more to cover coronavirus response

RIYADH, March 20 (Reuters) - Saudi Arabia will tap debt markets more than previously planned to help finance $32 billion in economic measures to mitigate the impact of the coronavirus outbreak, the kingdom’s finance minister said on Friday.

Mohammed al-Jadaan said in a news conference broadcast on state television that King Salman had approved raising the debt ceiling to 50% of gross domestic product, from 30%, but that borrowing this year would not exceed 100 billion riyals ($26.61 billion). ($1 = 3.7577 riyals) (Reporting by Marwa Rashad, Maher Chmaytelli, Davide Barbuscia and Stephen Kalin, editing by Louise Heavens)

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