IMF: Saudi Arabia may face bankruptcy soon

International Monetary Fund indicates possibility of Riyadh bankruptcy; economy is substantially dependent on fuel

"Saudi Arabia may face bankruptcy in the next five years due to decreasing oil prices,” International Monetary Fund (IMF) said.

IMF said that Riyadh have already lost 73 billion dollars due to the falling price of oil.

The 654.5 billion dollars of Saudi Arabia's reserve are dissolving, according to the British daily Independent newspaper.

The paper also indicated that Saudi Arabia withdrew 70 billion dollars from a fund which has been operating in transoceanic countries.

Saudi Arabia monetizes 90 percent of its total revenue from oil.

#Saudi Arabia

#oil

#economy

#bankruptcy

#IMF