A Saudi man poses with Saudi riyal banknotes at a money exchange shop, in Riyadh, Saudi Arabia © Faisal Al Nasser / Reuters
* Deputy Crown Prince Mohammed bin Salman wants to raise $100bn a year
* Non-oil income would come from subsidy cuts and new levies, he claims
* Second-in-line to the throne also has plan for $2trillion investment fund
* The Deputy Crown Prince said the kingdom must 'diversify its investments'
Saudi Arabia has unveiled its austerity plans as the nation prepares to cope with tumbling oil prices - but insists it will not start taxing people's incomes.
Deputy Crown Prince Mohammed bin Salman said his proposals would raise $100billion a year by 2020 as part of moves to balance the books.
The amount of non-oil related income would triple through subsidy cuts and new levies, he revealed.
It comes days after it emerged that the kingdom was preparing for the end of the oil age be creating a $2trillion investment fund which is set to be 'the largest on earth'.
Read more ....
More News On Saudi Arabia Unveiling Its Austerity Plans
Saudi Arabia pushes austerity to mitigate latest oil woes -- The Independent
Saudi Arabia faces tough choices on oil dependency -- CNBC
No More Spending? Saudi Arabia Feels Dire Consequences of Oil Price Decline -- Sputnik
Saudi Arabia's Deputy Crown Prince Outlines Plans: Transcript -- Bloomberg
Saudi Arabia wants to build a $2 trillion mega-fund — and fundamentally change its economy -- Will Martin, Business Insider
Saudi Arabia adapting to new economic realities -- Adam Bouyamourn, The National
4 comments:
WNU Editor,
Tip for you :
http://turcopolier.typepad.com/sic_semper_tyrannis/2016/04/russia-prepares-for-a-big-war-the-significance-of-a-tank-army.html#more
"It is important to keep in mind with the everlasting charges that Russia is "weaponising" this and that, threatening everyone and everything, behaving in an "19th century fashion", invading, brutalising, and on and on, that its army structure and deployments do not support the accusations. A few independent brigades, mostly in the south, are not the way to threaten neighbours in the west. Where are the rings of bases, the foreign fleet deployments, the exercises at the borders? And, especially, where are the strike forces? Since the end of the USSR they have not existed: as they have told us, so have they acted.
They planned for small wars, but NATO kept expanding; they argued, but NATO kept expanding; they protested, but NATO kept expanding. They took no action for years.
Well, they have now: the 1st Guards Tank Army is being re-created."
Given the risks of conflict with Russia that NATO membership entails, its hard to fathom why anyone would want anything to do with NATO. All the wealth on earth simply isn't worth a conflict with the most powerful military on earth.
I would actually be fully in agreement with a US withdrawal from NATO and a realignment of the US position with regards to Eastern Europe and Ukraine to a position consistent with the Russian one. Such a policy change carries with it no downsides and has much upside potential. Hopefully the next POTUS will cinsider such a change assuming Russia allows the United States to survive that long.
It is a major concern that countries such as Poland will do something stupid causing major problems for the United States. The former Soviet and Eastern Bloc nations do NOT have America's interests at heart and should not be trusted. Furthermore should this thing turn as bad as it could it is going to be America and not Western Europe who will bear the brunt of a Russian military reprisal. If they want a new EU and/or NATO member they should do this without the United States. These people would gladly use, abuse, and hurt America. Hipefully we will decide we've had more than enough of such people before it is to late. They not only are NOT our friends but are closer to enemies. The same applies to Eastern European nations. Cdrtainly none of them seem worth risking war with the most powerful military force on earth.
Thank you for the link Jay. I enjoyed reading it. I will be posting it later.
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