May 20, 2017 / 4:10 PM / 3 months ago

Saudi minister of finance says local debt expected to be start again Q2 or Q3

May 20 (Reuters) - The Saudi Arabian government is expected to re-issue local debt this quarter or next, Finance Minister Mohammed al-Jadaan said on Saturday.

The state budget deficit would be funded with three streams - international debt, local debt and drawing down the government's financial reserves, he told reporters at a news conference.

In October last year, the government decided to suspend its monthly issue of domestic bonds.

Previously, the government had been offering about 20 billion riyals ($5.3 billion) of bonds to banks every month since mid-2015 to help cover a budget deficit caused by low oil prices.

Reporting by Marwa Rashad, Celine Aswad; Editing by Alison Williams

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