in september 2018, the public investment fund completed a deal with a group of global lenders for a loan of $11 billion. the deal raised more than initially planned and was the first time the pif had incorporated loans and debt instruments into its funding. according to data from fitch ratings, over two years starting from may 2016 saudi arabia went from having zero debt to raising $68 billion in dollar-denominated bonds and syndicated loans—one of the fastest rates among emerging economies.