Kingdom faces a future of higher taxes and low fuel subsidies amid fears the world's weakest oil producers will soon begin to buckle
Saudi Arabia faces years of tough austerity as the worst oil price crash in the modern history forces the kingdom to make radical cuts to government largesse, the International Monetary Fund has warned.
The world's largest producer of crude oil will need to "transform" its economy away from oil revenues, which make up more than 80pc of the government's wealth, according to Masood Ahmed, head of the Middle East department at the IMF.
The Saudi monarchy has already been forced to unveil the largest programme of government austerity in decades as oil prices have collapsed by more than 70pc in 18 months.
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WNU Editor: I am not going to cry over their "hard times".
1 comment:
" I am not going to cry over their hard times," Me neither, in fact, I may just celebrate it. Every time I think of Saudi Arabia I think"15 of the 19 hijackers..."
Of course when America experiences hard tomes much of the world celebrates. I don't like this. As such, I'm reluctant to be gleeful about someone else's misery.
With that said Saudi Arabia is an enemy of America who has had an amazing run for quite some time. There hard times may them less capable of threatening us.
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