Analysis: How rich is Saudi Arabia? Kingdom does the math in balance sheet overhaul
The kingdom is working on creating a consolidated balance sheet of its assets and liabilities which will include items currently kept off the oil-rich economy’s books, including the investments and debts of its powerful sovereign wealth fund.
“The main purpose of this program is to have a financial equivalent of an MRI of the government balance sheet,” a Finance Ministry spokesman told Reuters, adding that it would include assets and liabilities that are currently “off-balance sheet”.
Saudi Arabia’s Crown Prince and de facto ruler Mohammed bin Salman has put the Public Investment Fund (PIF), Saudi Arabia’s main sovereign wealth fund, at the center of reforms aimed at diversifying the economy of the world’s top oil exporter away from fossil fuel.
Source Credit: Reuters
