Saudi Arabia said Monday it has sold $4 billion of bonds in the first official issuance of a sovereign debt fund since the kingdom took control of the OPEC state in June 2016.
The issuance comes a day after the kingdom’s central bank announced a massive $100 billion bond offering on behalf of its sovereign wealth fund.
The announcement came as the kingdom seeks to attract private capital to boost its economy after the Arab world’s biggest oil exporter plunged into recession in 2018.
The central bank also sold $2 billion of short-term debt in a bid to shore up the economy, as well as $2.5 billion of other debt.
The kingdom has struggled to shore its economy following a sharp decline in oil prices and its financial sector is heavily reliant on debt financing.
It has not raised taxes in decades.
The kingdom has a debt-to-GDP ratio of about 45 percent.