Saudi Arabia to borrow more to cover coronavirus response

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)