The Credit Rating Agency, "Fitch", revealed that Saudi Banks have recovered well from the pressures of the Corona pandemic.
According to a report by the agency, the economic activity of the banking sector in Saudi Arabia is showing a good recovery, supported by the increase in oil prices, which boosts government spending.
“Fitch” had given Saudi Arabia a credit rating of (A), and revised its outlook for Saudi Arabia to positive. According to the agency's report, the revision of forecasts reflected improvements in the balance sheet following the rise in oil revenues and the consolidation of public finances.
“Fitch” expected the kingdom to record budget surpluses in 2022-2023 for the first time since 2013, equivalent to 6.7 percent and 3.5 percent of GDP, respectively. Assuming that the average price of Brent crude will reach $100 per barrel and $80 per barrel, and that the Kingdom's average oil production will be 10.7 million barrels per day, and 11.1 million barrels per day, respectively.
Source (Al-Arabiya.net Website, Edited)
