Mohammed Al-Jadaan, Saudi Minister of Finance, gestures during a news conference announcing the first Quarter of Saudi budget, in Riyadh, Saudi Arabia May 11, 2017. REUTERS/Faisal Al Nasser
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Saudi Arabia's net foreign assets dropped below $500 billion in April for the first time since 2011 even after the kingdom raised $9 billion from its first international sale of Islamic bonds. The Saudi Arabian Monetary Authority, as the central bank is known, said Sunday its net foreign assets fell by $8.5 billion from the previous month to about $493 billion, the lowest level since 2011 . Saudi Arabia's foreign reserves have dropped from a peak of more than $730 billion in 2014 after the plunge in oil prices, prompting the International Monetary Fund to warn that the kingdom may run out of financial assets needed to support spending within five years. Authorities have since embarked on an unprecedented plan to overhaul the economy and repair public finances.
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