![Saudi Finance Minister Mohammed Al-Jadaan [ArabianBusiness.com/Twitter]](https://i0.wp.com/d2.middleeastmonitor.com/wp-content/uploads/2017/11/2017_11-16-Finance-Minister-Mohammed-Al-JadaanC96x5H8UQAAAjLU.jpg?fit=920%2C613&ssl=1)
Saudi Finance Minister Mohammed Al-Jadaan said on Saturday that the kingdom may have to borrow $60 billion to cover the huge budget deficit caused by the coronavirus pandemic.
Speaking to Al-Arabiya TV, Al-Jadaan explained that the kingdom might have to take “painful measures” to counter the economic repercussions of the coronavirus pandemic and the collapse of oil prices.
After Al-Jadaan made his statement, Saudi shares fell by 6.8 per cent on Sunday.
On Thursday, Saudi Jadwa Investment company expected the kingdom to record a budget deficit of $112 billion this year.
Last April, the International Monetary Fund said it expected the Saudi economy, the largest in the region, to contract by 2.3 per cent.
Meanwhile, Capital Economics, a London-based think-tank, said Saudi’s economy would shrink by at least five per cent as a result of its dependence on oil sales.
READ: Mismanagement is driving Saudi Arabia towards bankruptcy