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Saudi Arabia Finances

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BUSINESS
February 1, 1994 | From Times Staff and Wire Reports
Saudis to Restructure Arms Payments: Saudi Arabia has signed an agreement under which the cash-strapped nation will restructure $9.2 billion in payments due over the next two years to five American defense contractors, U.S. defense officials said. The deal could also clear the way for a reported plan by the Saudis to buy $6 billion in commercial airliners.
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BUSINESS
December 10, 2001 | Bloomberg News
Saudi Arabia, the world's largest oil producer, said it won't borrow money on the international markets to finance next year's budget deficit, which is forecast to reach $12 billion, the country's finance minister said Sunday. Saudi banks and "national reserves are capable of meeting the shortfall," said the kingdom's finance minister, Ibrahim al-Assaf, the official SPA news agency reported. "We can cover the budget deficit either through issuing bonds or through domestic borrowing," he said.
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BUSINESS
January 3, 1994 | From Times Staff and Wire Reports
Saudi Arabia Slashes Public Spending: Saudi Arabia, the world's largest exporter of crude oil, has announced it will cut public spending in 1994 to make up for losses in revenue caused by weakening crude prices. King Fahd projected government spending in 1994 at $42.6 billion, down from $52.5 billion set for 1993. "The world economic conditions and surplus oil supplies have affected prices and imports from our country, so the (oil) prices dropped," Fahd said.
NEWS
February 14, 1990 | Reuters
Saudi Arabia has pledged $23 million to help revive Egypt's ancient Alexandria library, a government spokesman said Tuesday. The library, destroyed by fire more than 2,000 years ago, attracted leading Greek scholars of the day and achieved fame as a center of learning in astronomy, mathematics and philosophy.
BUSINESS
February 14, 1991
Lloyd's of London slashed insurance rates for marine cargo traveling to many Middle East locations, reflecting optimism that commercial shipping won't be damaged in the Gulf War. In an effort to get the airlines back to carrying packages for the U.S. Postal Service, the Air Transport Assn. has drafted a letter to Postmaster General Anthony Frank outlining a screening system to be used by postal workers on mail bound for passenger aircraft.
NEWS
October 27, 1987
Saudi Arabia registered an unprecedented budget deficit of $16.7 billion in the March-December period of 1986 and is quickly approaching depletion of its once-vast petrodollar reserves, the authoritative newsletter Middle East Economic Survey reported. The newsletter, based in Cyprus, quoted figures supplied by the Saudi Arabian Monetary Agency, the country's central bank, as projecting a deficit of $14.1 billion for the current calendar year.
NEWS
September 7, 1990 | NORMAN KEMPSTER, TIMES STAFF WRITER
Secretary of State James A. Baker III and King Fahd agreed Thursday on the outlines of a multibillion-dollar Saudi payment for U.S. military operations in the Persian Gulf and to cushion the impact of the crisis on poor front-line countries such as Egypt and Turkey. U.S.
BUSINESS
February 1, 1994 | From Times Staff and Wire Reports
Saudis to Restructure Arms Payments: Saudi Arabia has signed an agreement under which the cash-strapped nation will restructure $9.2 billion in payments due over the next two years to five American defense contractors, U.S. defense officials said. The deal could also clear the way for a reported plan by the Saudis to buy $6 billion in commercial airliners.
BUSINESS
January 3, 1994 | From Times Staff and Wire Reports
Saudi Arabia Slashes Public Spending: Saudi Arabia, the world's largest exporter of crude oil, has announced it will cut public spending in 1994 to make up for losses in revenue caused by weakening crude prices. King Fahd projected government spending in 1994 at $42.6 billion, down from $52.5 billion set for 1993. "The world economic conditions and surplus oil supplies have affected prices and imports from our country, so the (oil) prices dropped," Fahd said.
BUSINESS
June 5, 1991 | JAMES FLANIGAN
Saudi Arabia, the country that called forth the greatest military effort since World War II, is enjoying a business boom. Companies of all shapes and sizes, from the United States and around the world, are here examining opportunities for joint ventures with the Saudi government or private companies. And the opportunities are not just in oil and gas but in agriculture, manufacturing and services.
BUSINESS
May 10, 1991 | From Reuters
The surge in oil production that Saudi Arabia embarked on to fill the gap left by Iraq and Kuwait could break the kingdom's decade-long deficit, pay off all war costs and leave Riyadh with surplus cash by 1994, independent economists say. The cash windfall could also translate into political clout, since Saudi Arabia is determined to boost its military power, which would cost tens of billions of dollars.
NEWS
February 17, 1991 | KIM MURPHY, TIMES STAFF WRITER
The battle against a massive oil slick in the Persian Gulf has become one of the latest casualties of war, with environmental officials admitting that they are not prepared to check much of its devastating progress southward along the Saudi coastline.
BUSINESS
May 10, 1991 | From Reuters
The surge in oil production that Saudi Arabia embarked on to fill the gap left by Iraq and Kuwait could break the kingdom's decade-long deficit, pay off all war costs and leave Riyadh with surplus cash by 1994, independent economists say. The cash windfall could also translate into political clout, since Saudi Arabia is determined to boost its military power, which would cost tens of billions of dollars.
NEWS
February 13, 1991
The COST OF FIGHTING the effects of a Gulf War OIL SLICK lapping at Saudi Arabia's east coast is expected to be about $1 billion over the next six months, government officials said. One Saudi source predicted that Arab states in the Persian Gulf might have to pay up to $5 billion to clean the waterway and its shoreline and to protect wildlife. A huge oil spill, heading for Jubayl, resulted from leakage from oil terminals off occupied Kuwait.
BUSINESS
February 14, 1991
Lloyd's of London slashed insurance rates for marine cargo traveling to many Middle East locations, reflecting optimism that commercial shipping won't be damaged in the Gulf War. In an effort to get the airlines back to carrying packages for the U.S. Postal Service, the Air Transport Assn. has drafted a letter to Postmaster General Anthony Frank outlining a screening system to be used by postal workers on mail bound for passenger aircraft.
NEWS
February 13, 1991
The COST OF FIGHTING the effects of a Gulf War OIL SLICK lapping at Saudi Arabia's east coast is expected to be about $1 billion over the next six months, government officials said. One Saudi source predicted that Arab states in the Persian Gulf might have to pay up to $5 billion to clean the waterway and its shoreline and to protect wildlife. A huge oil spill, heading for Jubayl, resulted from leakage from oil terminals off occupied Kuwait.
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