Full interview: Saudi Finance Minister Mohammed al-Jadaan | CNBC International

The finance minister of Saudi Arabia rejected claims that the kingdom is slowly running out of money, saying that it’s in a better financial position that many other nations across the globe.

“No we are not running out of money,” Mohammed al-Jadaan told CNBC’s Hadley Gamble when asked about recent perceptions regarding its reserves.

Speaking to CNBC in Riyadh after Monday’s budget announcement, Al-Jadaan stated that the kingdom currently held the third-largest pot of foreign cash reserves in the world. He added that it had “significant funds” and a “lot of assets” were at the country’s disposal.

“Unlike so many other countries we also have government reserves, deposits, with the central bank that other governments don’t have,” he said.

“That stands today at about 500 billion Saudi riyals, short of 500 billion Saudi riyals,” he added, saying that the country’s aim was to build the reserves as it controlled its expenditure.

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