Saudi Arabia is reportedly trying to plug a $21 billion deficit by selling bonds

• Saudi Arabia is raising debt to plug holes in its finances, Bloomberg reported.
• Riyadh has pressed ahead with big spending projects as part of an economic diversification drive.
• It now needs to cover a $21 billion fiscal shortfall, per the outlet.

Saudi Arabia plans to raise money by selling bonds as it presses ahead with massive spending projects, Bloomberg reported.

The kingdom will issue dollar-denominated three, six, and 10-year sukuk notes as part of an effort to plug a fiscal shortfall that's expected to hit $21 billion by the end of the year, the outlet reported citing an unnamed source.