Saudi Arabia unveiled plans Monday to triple its value added tax and halt monthly allowances to citizens as part of coronavirus-triggered austerity measures, while deepening
Oil production cuts to prop up sagging prices.
The austerity drive, which state media said would boost state coffers by 100 billion riyals ($26.6 billion), comes as the petro-state grapples with the twin blow of record low oil prices and a virus-led economic slump.
The steps could stir public resentment amid an already high cost of living and intensify scrutiny of lavish multi-billion dollar state projects and expenditure including the proposed purchase of English
Football club Newcastle United.