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বিষয় ভিত্তিক প্রস্তুতি : ইংরেজী ভাষা ও সাহিত্য
By tumpa
#2737
middle east eye পত্রিকার সম্পাদকীয় পাতা হতে.

11/06/2020

1.public debt rising and reserve assets falling - জনগণের দায় বৃদ্ধি এবং সংরক্ষিত তহবিল হ্রাস

2.economic crisis -অর্থনৈতিক সংকট

3.escalate -ত্বরান্বিত করা

4.recently revealed- সাম্প্রতি প্রকাশিত

5.announcement- ঘোষণা
6. rising debt burden-. ঋনের বোঝা বৃদ্ধি

7.Regional impacts- ধর্মীয় প্রভাব

8.Economic Prosperity- অর্থনৈতিক অগ্রগতি

9.economic downturn - অর্থনৈতিক মন্দা

10.Amid.মধ্যে
11.severe মারান্তক
12.global economic crisis- বৈশ্বিক অর্থনৈতিক সংকট
13.coronavirus pandemic, - করোনাভাইরাস মহামারী

14.acceleration of debt rates- ঋনের হার বৃদ্ধি পাওয়া

15.,financial-situation, অর্থনৈতিক পরিস্থিতি
16.disruption- ব্যাহত হওয়া

17.unable to- অক্ষম

18.perform religious rites- ধর্মীয় আচার পালন করা

19.Even before - ইতোপূর্বে
20.the multiple crises -বহুমুখী সংকট
21.unfolded - প্রকাশিত

22.light on- * হালকা
23.climb- আরোহণ করা
24.withdrawing- উত্তোলন
25.holy sites - পবিত্র স্থান
26.declined- পতন
27.evaporation- উবে যাওয়া, গায়েব হওয়া
28.abroad -বিদেশ,

29.prominent change -প্রধান পরিবর্তন

30.proxy arenas -*

32.launch of the Yemen wars -ইয়েমেন যুদ্ধ শুরু হওয়া
33.Other regional conflicts -অনান্য আঞ্চলিক সংঘর্ষ
34.fall of oil prices- তেলের মূল্য হ্রাস পাওয়া

Saudi Arabia: Where has all the money gone?

With public debt rising and reserve assets falling, the country's economic crisis is on track to escalate in the months ahead

Saudi Finance Minister Mohammed al-Jadaan recently revealed that his government would borrow 220 billion Saudi riyals ($58bn) this year. The announcement sheds light on the country’s rising debt burden and raises questions about Riyadh’s financial situation, especially after the kingdom was noted several years ago as having one of the lowest debt rates worldwide.

With the largest economy in the Arab world, Saudi Arabia is the only Arab member of the G20, in addition to being the largest oil exporter in the world.

Regional impacts

Economic prosperity in the kingdom has attracted millions of qualified Arab and foreign expatriates to work for Saudi companies and public institutions. As such, the economic downturn in the kingdom will affect the whole region.

Amid the severe global economic crisis fuelled by the coronavirus pandemic, Saudi Arabia has faced a major drop in oil prices and a disruption of religious tourism to its holy sites of Mecca and Medina, with millions of visitors unable to travel to the country this year to perform religious rites.

Even before the multiple crises that have unfolded in recent months, data from the World Bank showed Saudi Arabia’s gross external debt at more than $183bn at the end of 2019, up from $151bn at the end of 2018. That figure will climb further this year.

Still, these numbers remain abstract unless they are compared with previous periods. The acceleration of debt rates is more important than the sheer amount.

Skyrocketing debt

The country’s total external debt has skyrocketed over the past five years: at the end of 2014, a few months before the start of the Yemen war, it was just under $12bn, showing that the rate has jumped by more than 1500 percent in the past five years.

During the same five-year period, cash reserves also declined. Reports from the Saudi Arabian Monetary Authority show that the country’s total reserve assets were estimated at $732bn at the end of 2014, but had fallen to $499bn by the end of 2019 - an evaporation of $233bn within five years.

These figures show that over the past five years, as Saudi Arabia was borrowing tens of billions of dollars from abroad, it was also withdrawing a comparable amount from public reserve assets.

Critically, all of these figures date back to late 2019 - before the fall of oil prices, the coronavirus outbreak and the associated declines in global travel and trade. So where has all this money gone?

Proxy battles

While it is unclear exactly where all the funds have been directed, a prominent change during this period was the launch of the Yemen war in March 2015. Other regional conflicts in Libya and Syria have also become proxy arenas, drawing in various Gulf players.

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