Saudi Arabia will tax expats and hike gas prices again

Cheap oil pushes Saudi Arabia into further budget cuts

Cheap oil pushes Saudi Arabia into further budget cuts

Saudi Arabia has already been forced to tighten its belt. Now it’s preparing for four more years of austerity.

Slammed by lower oil revenues, the kingdom’s budget deficit swelled to 366 billion riyals ($ 98 billion) in 2015, and 297 billion riyals this year. It was forced to borrow money from international investors for the first time ever, raising $ 17.5 billion in October.

Let’s block ads! (Why?)

Economic news – CNNMoney.com

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *