The credit rating agency, Fitch, confirmed that Saudi banks are recovering well from the pressures of the pandemic.
She said that the economic activity of the banking sector in Saudi Arabia is showing a good recovery, supported by an increase in oil prices that boosts government spending, according to “Reuters” agency.
Last month, Fitch Ratings affirmed Saudi Arabia’s credit rating at (A), and revised its outlook for Saudi Arabia to positive.
In a report, the agency said that the revision of the forecast reflected improvements in the balance sheet after higher oil revenues and fiscal consolidation.
And “Fitch” expected that the Kingdom would record budget surpluses in 2022-2023 for the first time since 2013, equivalent to 6.7% and 3.5% of GDP, respectively, assuming that the average prices 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.
