Saudi Arabia burning through cash reserves

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Saudi Arabia raises $9 billion in sale of Islamic Bonds. In its first international sale of Islamic Bonds, or sukuk, Saudi Arabia sold five- and ten-year tranches of bonds, raising $9 billion. The proceeds will be used to plug budget holes stemming from low oil prices. After a nearly $100 billion budget deficit in 2015, austerity measures helped close the gap to $79 billion in 2016 and potentially $53 billion this year.