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)