“Low public debt, a strong credit rating and high FX reserves provided the Kingdom with a cushion against external shocks, including the decline in global demand for oil and other commodities. While the authorities have had to accommodate these temporary shortfalls in revenue, the country’s outlook for recovery is bright, supported by the competitive cost of oil production and an abundance of reserves.”
-Andrew Jeffreys, Oxford Business Group’s CEO, in the company’s Covid-19 Response Report produced with Riyad Bank. [AME Info]
