Despite no official announcement, it is known that the country's economy has suffered significant damage, as oil prices dropped from $145 to $30 a barrel in less than a year, causing the country's deficit last year to balloon to some $98 billion.
The kingdom slowed some debt payments, and creditors could be receiving "I owe you" notes in the near future, instead of cash.
Facing a high probability of having to borrow some $31 billion this year, it is still uncertain whether the Saudis will reduce their oil output to drive up oil prices.
The country presented a set of reforms last month seeking to dramatically reshape the country's oil-dependent economy. The International Monetary Fund hailed these reforms, calling them "appropriately bold" and "at the right speed" to cope with the country's budget deficit.
