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Saudi Arabia says it provided $40 bln to PIF from foreign reserves

Reuters | Riyadh | Updated: 30-05-2020 10:54 IST | Created: 30-05-2020 00:00 IST
Saudi Arabia says it provided $40 bln to PIF from foreign reserves

Saudi Arabia transferred a total of 150 billion riyals ($40 billion) from central bank foreign reserves to fund investments by sovereign wealth fund PIF in March and April, the finance minister said on Friday.

Minister Mohammed al-Jadaan also said in a statement that the government would continue to implement development plans to diversify the economy, increase local content and support private sector growth. ($1 = 3.7545 riyals)


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