CORONAVIRUS: Saudi Arabia Suspends Monthly Payments To Its Citizens Due To Shortage Of Funds

Date: 11-05-2020 7:17 am (3 years ago) | Author: Daniel Bosai
- at 11-05-2020 07:17 AM (3 years ago)
(m)

Saudi Arabia’s finance minister on Monday said the kingdom will triple its Value Added Tax and halt monthly handout payments to citizens in new austerity measures amid record low oil prices and a coronavirus-led economic slump.

The measures, which could stir public resentment with the cost of living rising, come as the petro-state steps up emergency plans to slash government spending to deal with the twin economic blow.

“It has been decided the cost of living allowance will be halted from June 2020 and VAT will be raised from 5 percent to 15 percent from July 1,” Finance Minister Mohammed al-Jadaan said in a statement released by the official Saudi Press Agency.

Jadaan insisted the measures were necessary to shore up state finances amid a “sharp decline” in oil revenue as the coronavirus pandemic saps global demand for crude.

The government was also “cancelling, extending or postponing” expenditures for some government agencies and cutting spending on major state projects introduced as part of an ambitious reform programme to diversify the oil-reliant economy, the minister added.

Jadaan last week warned of “painful” and “drastic” steps to deal with the double shock of the novel coronavirus and record low oil prices.

Saudi Arabia, the top crude exporter and the Arab world’s biggest economy, has shut down cinemas and restaurants, halted flights, and suspended the year-round umrah pilgrimage in a bid to contain the deadly virus.

Saudi Arabia, along with other Gulf states, imposed a five percent tax on goods and services in 2018 in a bid to generate additional revenue.

The petro-state had also introduced handouts worth billions of dollars to citizens, known as the cost of living allowance, to cushion the impact of rising costs.

Posted: at 11-05-2020 07:17 AM (3 years ago) | Addicted Hero
- Patode at 11-05-2020 08:07 AM (3 years ago)
(m)
Those of us who love to praise foreign countries, should see that the rich also cry.
Posted: at 11-05-2020 08:07 AM (3 years ago) | Upcoming
Reply
- FloxyB at 11-05-2020 03:43 PM (3 years ago)
(m)
yeah! No comment from Nigerian freeloaders?
Posted: at 11-05-2020 03:43 PM (3 years ago) | Upcoming
Reply
ReplyFollow
Login To Post Reply

Latest Updates

I'm Yet To Be Contacted By NFF – Peseiro Breaks Silence On Super Eagles' Return

Despite Devilish Conspiration, Air Peace To Begin Abuja-London Flights

Korra Obidi’s Ex, Justin Dean Laments As His 4Yr Old Daughter Twerks Like Mother

Two Chinese Men, Company Docked By EFCC Over Illegal Mining Activities

My Father Raised Me To Be A Modern Day Man – DJ Cuppy Praises Billionaire Father, Otedola

Police Inspector Sunday Baba Shot Dead By Gunmen In Rivers

"Davido Was The First Big Artiste Who Supported My Career" - Skitmaker, Sabinus

APC Youths Besiege APC Secretariat, Demand Fresh Primary Election In Ondo

UPDATE: Security Operatives Launch Manhunt For 109 Fleeing Inmates Of Suleja Prison

More Featured Topics

fire TRENDING GISTS fire

TODAY'S TOP

  1. I Never Wanted Him to Play Chess - Record Breaker, Tunde Onakoya's Dad Breaks Silence (Video)

  2. One Dead, Three Injured, N8.7m Recovered On Kaduna Road Crash

  3. Court Strikes Out Suit Seeking Ro Remove Hannatu Musawa As Minister As She's A Serving NYSC Mem

  4. "End This Hiding, Submit Yourself To The Law" - Ologbondiyan To Yahaya Bello

  5. APC Youths Besiege APC Secretariat, Demand Fresh Primary Election In Ondo

  6. Police Inspector Sunday Baba Shot Dead By Gunmen In Rivers

  7. Korra Obidi’s Ex, Justin Dean Laments As His 4Yr Old Daughter Twerks Like Mother

  8. "Davido Was The First Big Artiste Who Supported My Career" - Skitmaker, Sabinus

  9. My Father Raised Me To Be A Modern Day Man – DJ Cuppy Praises Billionaire Father, Otedola

  10. I'm Yet To Be Contacted By NFF – Peseiro Breaks Silence On Super Eagles' Return

  11. Despite Devilish Conspiration, Air Peace To Begin Abuja-London Flights

  12. UPDATE: Security Operatives Launch Manhunt For 109 Fleeing Inmates Of Suleja Prison

  13. Two Chinese Men, Company Docked By EFCC Over Illegal Mining Activities

THIS WEEK

  1. Abia Police Parade Suspected Criminals, Including ABSU Student Involved In Fatal Shooting

  2. 'Brand Ambassador', Phyna Calls Out Pepsi For Supplying Her Expired Drinks

  3. How Past Abia Govt Paid N107.2 Bn To Contractors For Non-existent Abia Airport & Other Projects

  4. Lady Who Was Dragged For Wearing a Racy 'Asoebi' Outfit to a Wedding Reception Breaks Silence

  5. Ex-Nigerian Customs Sole Administrator, Omlago Ango Damages Estranged Wife's Abuja Home

  6. Lady Who Left The UK With Her Family to Return Home to Nigeria Reveals Why She Did So

  7. UNIPORT Lecturer Caught on Camera Pants Down, S3xually Harassing a Female Student in His Office

  8. VID: Peter Obi Replies Critics Asking Him Why He Didn't Build a School in Anambra as a Governor

  9. Abia State Police Arrest Suspects Linked To Mysterious Death of 23-Yr-Old Hope Chinedu Prosper

  10. Nollywood Actress Toyin Abraham Extends Olive Branch To Funke Akindele,Calls For Industry Unity

TOP MEMBERS:
  • gogoman 1237
  • fineboy77 831
  • felicilin 628
  • kacylee 310
  • bohlah 299
Read More

Featured Topics

. I'm Yet To Be Contacted By NFF – Peseiro Breaks Silence On Super Eagles' Return

. Despite Devilish Conspiration, Air Peace To Begin Abuja-London Flights

. Korra Obidi’s Ex, Justin Dean Laments As His 4Yr Old Daughter Twerks Like Mother

. Two Chinese Men, Company Docked By EFCC Over Illegal Mining Activities

. My Father Raised Me To Be A Modern Day Man – DJ Cuppy Praises Billionaire Father, Otedola

. Police Inspector Sunday Baba Shot Dead By Gunmen In Rivers

. "Davido Was The First Big Artiste Who Supported My Career" - Skitmaker, Sabinus

. APC Youths Besiege APC Secretariat, Demand Fresh Primary Election In Ondo

. UPDATE: Security Operatives Launch Manhunt For 109 Fleeing Inmates Of Suleja Prison

. One Dead, Three Injured, N8.7m Recovered On Kaduna Road Crash

. Court Strikes Out Suit Seeking Ro Remove Hannatu Musawa As Minister As She's A Serving NYSC Member

. I Never Wanted Him to Play Chess - Record Breaker, Tunde Onakoya's Dad Breaks Silence (Video)

. "End This Hiding, Submit Yourself To The Law" - Ologbondiyan To Yahaya Bello

. Suspects Arrested Over Murder of 46yrs Old British-Nigerian Man, Okechukwu Iweha in London

. About 118 Inmates Escape After Heavy Rainstorm Destroyed Prison in Niger State

. How Police Inspector Aliyu Taofeek Sent Patrick Chinemerem to His Early Grave in Lagos

. FCCPC Raids Supermarkets in Port Harcourt, Seizes Underweight And Re-bagged Rice

.. Shocking Video: Anambra Man Flogged to De@th by His Kinsmen Over Dispute on Family Property

. Emotional Moment Nigerian Lady Based in UK Surprising Returned Home After 14yrs (Video)

. “Man Wearing Wig” - Blessing CEO Causes Commotion Online With Her Recent Dance Video

. I Saw it Very Clearly - Nigerian Pastor Insists World Will End Today, April 25th (VIDEO)

. Actor, Zubby Michael Finally Mourns Late Colleague Junior Pope, Netizens React

. Oyo State Government Declares Friday Half Working Day For Local Govt Election

. Passengers Stranded, Flights Disrupted as Fire Breaks Out at Lagos Airport

. Shops, Residential Houses Demolished by Ebonyi Govt For Construction of New Flyover

. "Emefiele, Kanu Arrested Arbitrarily As Pre-Trial Detention Persists In Nigeria" – US Govt Says

. Popular Ghanaian Media Personality, Serwaa Amihere Finally Reacts To Her Leaked S3x Tape

. Nickie Da Barbie Shares Drug Test Result, Tested Positive To Cannabis, Set To Sue Skibii

. VIDEO: "Portable's Many Wives Linked To Poverty" - Isaac Fayose Reveals

. VIDEO: Nigerian Lady Explains Why Marriages Work Better Abroad

More Featured Topics