RIYADH, May 11 — Saudi Arabia is suspending the cost of living allowance and raising the value added tax threefold, as part of measures aimed at shoring up state finances, battered by low oil prices and a severe coronavirus-driven slowdown. “Cost of living allowance will be suspended as of June...
Monday, 11 May 2020 10:45 AM MYT
“Cost of living allowance will be suspended as of June first, and the value added tax will be increased to 15 per cent from 5 per cent as of July first,” the state news agency reported in a statement on Monday. “These measures are painful but necessary to maintain financial end economic stability over medium to long term... and overcome the unprecedented coronavirus crisis with the least damage possible,” finance minister Mohammed al-Jadaan said in the statement.
The central bank’s foreign reserves fell in March at their fastest rate in at least 20 years and to their lowest since 2011.
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