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[rooster59]

Saudi king orders new allowances to offset rising cost of living

 

RIYADH (Reuters) - Saudi Arabia's King Salman on Saturday ordered a monthly payment of 1,000 riyals ($267) to state employees over the next year in compensation for rising cost of living after the government hiked domestic gas prices and introduced value-added tax (VAT).

 

In a royal decree published by state news media, the king also ordered the payment of 5,000 riyals to military personnel serving at the front lines with Yemen where the kingdom is fighting a nearly three-year-old war.

 

Saudi Arabia, the world's top oil exporter, roughly doubled gasoline prices on Monday as part of a broad reform initiative aimed at diversifying its economy. A 5 percent VAT on a broad range of goods and services came into effect the same day.

 

The new payment orders were an acknowledgment of "the increased burdens for some segments of the population following from the necessary measures which the state took to restructure the economy," according to the decree.

 

King Salman directed the state to bear the burden of VAT in some situations, including special health and education services as well as the first purchase of a house that is valued up to 850,000 riyals ($226,660). Allowances for students, retirees and social security recipients were also boosted.

 

Saudi Arabia will slow plans to eliminate subsidies for a wide range of energy products, according to a new long-term fiscal plan in the 2018 state budget.

 

($1 = 3.7501 riyals)

 

 

-- © Copyright Reuters 2018-01-06

[Somtamnication]

It's a sinking ship, Your Highness.

[ilostmypassword]

1 hour ago, Somtamnication said:

It's a sinking ship, Your Highness.

Instead of letting his ships sink, maybe he should think about selling his 2 superyachts and his estate in France. That might go some way towards alleviating the pain his subjects are feeling. 

[Bluespunk]

5% VAT and realistic gas prices. 

 

Welcome to the real world. 

[soalbundy]

5 hours ago, Somtamnication said:

It's a sinking ship, Your Highness.

Yes but unlike Prayut he has seen the writing on the wall.

[metisdead]

A pointless bickering session has been removed. 

[ilostmypassword]

1 hour ago, metisdead said:

A pointless bickering session has been removed. 

Thank you.

[Happyman58]

17 hours ago, Somtamnication said:

It's a sinking ship, Your Highness.

He did not mention his own lifestyle on how to cut back on lavish items like having 40 cars  racehorses That kinda of stuff

[Happyman58]

11 hours ago, soalbundy said:

Yes but unlike Prayut he has seen the writing on the wall.

No he has not His life will not be affected in any way

[ilostmypassword]

23 minutes ago, Happyman58 said:

No he has not His life will not be affected in any way

It was after the inauguration of his austerity drive that he purchased on a whim a 540 million dollar superyacht. Despite his denials, it seems he was also responsible for the purchase of a Leonardo da Vinci painting for 450 million dollars. And an estate in France for 300 million dollars.  These purchases also came after the austerity campaign. And his father is building a huge palace for himself in Morocco. Ultimately, as the reality of austerity sinks in for the average Saudi citizen, this kind of thing isn't going to play well.

[ilostmypassword]

It may also be that the Saudis are frightened by the economically provoked protests in Iran that seemed to come out of nowhere.

[soalbundy]

1 hour ago, Happyman58 said:

No he has not His life will not be affected in any way

Uneasy lies the head that wears the crown

[Morch]

9 hours ago, ilostmypassword said:

It may also be that the Saudis are frightened by the economically provoked protests in Iran that seemed to come out of nowhere.

 

The Iran protests did not "come out of nowhere". Been on for weeks, if not months now, on a smaller scale, but quite persistent nevertheless. I don't think that the Saudis were surprised, given that they monitor their neighbor, or as some suggest - instigate these sort of things themselves. That the current Saudi regime is aware of the problematic nature of the Kingdom's economy and outlook is nothing new.

 

[Ulic]

On 1/6/2018 at 6:33 PM, ilostmypassword said:

It was after the inauguration of his austerity drive that he purchased on a whim a 540 million dollar superyacht. Despite his denials, it seems he was also responsible for the purchase of a Leonardo da Vinci painting for 450 million dollars. And an estate in France for 300 million dollars.  These purchases also came after the austerity campaign. And his father is building a huge palace for himself in Morocco. Ultimately, as the reality of austerity sinks in for the average Saudi citizen, this kind of thing isn't going to play well.

As usual, austerity applies to everyone else. Not me. 

[ilostmypassword]

On 1/7/2018 at 4:41 PM, Morch said:

 

The Iran protests did not "come out of nowhere". Been on for weeks, if not months now, on a smaller scale, but quite persistent nevertheless. I don't think that the Saudis were surprised, given that they monitor their neighbor, or as some suggest - instigate these sort of things themselves. That the current Saudi regime is aware of the problematic nature of the Kingdom's economy and outlook is nothing new.

 

Thank you, I stand corrected.