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Saudi Arabia is reportedly looking to borrow $10bn in its first international loans in a decade Saudi Arabia is reportedly looking to borrow $10bn in its first international loans in a decade
(about 1 hour later)
Saudi Arabia is looking for loans of up to $10 billion from international lenders in its significant foreign borrowing in a decade. Saudi Arabia is reportedly looking for loans worth $10 billion from international lenders in its most significant foreign borrowing in a decade.
The Saudi Arabian government is said to have sent an invitation to banks to discuss a US dollar loan.The Saudi Arabian government is said to have sent an invitation to banks to discuss a US dollar loan.
While the invitation did not specify an amount, sources said it could be worth $10 billion or more.While the invitation did not specify an amount, sources said it could be worth $10 billion or more.
Calls to the Saudi finance ministry and central bank seeking comment were not immediately returned.Calls to the Saudi finance ministry and central bank seeking comment were not immediately returned.
Saudi's shock loan request signals that the kingdom looking at other ways to finance its economy after the oil price slump.Saudi's shock loan request signals that the kingdom looking at other ways to finance its economy after the oil price slump.
It has already raised domestic petrol prices by up to 40 per cent as part of a raft of measures brought in to address a record budget deficit of $100 billion in 2015.It has already raised domestic petrol prices by up to 40 per cent as part of a raft of measures brought in to address a record budget deficit of $100 billion in 2015.
Subsidies for water, electricity and petrol are expected to be dismantled over the next five years. The kingdom has traditionally kept prices low for residents as a social welfare measure.Subsidies for water, electricity and petrol are expected to be dismantled over the next five years. The kingdom has traditionally kept prices low for residents as a social welfare measure.
Changes to VAT and an increase in taxes on soft drinks and tobacco are also planned. Changes to VAT and an increase in taxes on soft drinks and tobacco are also planned. 
Before the oil price started falling in mid-2014, Saudi Arabia, like many other oil-reliant Gulf states, paid down Government debt and borrowed little from international banks. Before the oil price started falling in mid-2014, Saudi Arabia, like many other oil-reliant Gulf states, paid down Government debt and borrowed little from international banks. 
Many states are expected to increase their borrowing sharply as they reach the limits of how much they can fund themselves through domestic borrowing.Many states are expected to increase their borrowing sharply as they reach the limits of how much they can fund themselves through domestic borrowing.
Qatar borrowed $5.5 billion in January, around the same time the government of Oman borrowed $1 billion through an international loan.Qatar borrowed $5.5 billion in January, around the same time the government of Oman borrowed $1 billion through an international loan.
Additional reporting by ReutersAdditional reporting by Reuters