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Main » 2015 » December » 29 » Saudi Arabia will reduce subsidies in the kingdom
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Saudi Arabia will reduce subsidies in the kingdom
 
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On Monday, the Ministry of Finance of Saudi Arabia stated that, given the low oil prices over the next five years in the kingdom will be the adjustment of subsidies on petroleum products, water and electricity.

 

 

Such price changes are aimed at improving energy efficiency and conservation of natural resources. Also, the kingdom developed a special program for residents of countries with low or middle-income countries to reduce the impact of possible price increases.

 

It is worth noting that Saudi Arabia, which is the leader of OPEC, lost revenues due to low domestic oil prices, since oil importers from paying for it greater amount than consumers in the Kingdom.

Analysts note that the reduction of subsidies may have a negative effect on the mood of the citizens of the kingdom, who are accustomed to low energy prices.

Recall that on Monday, the Saudi authorities have presented the state budget for 2016, which refers to the reduction of costs. The Government of the Kingdom expects that next year's budget deficit will amount to 326.2 billion riyals, or about 87 billion US dollars, and the budget revenue will decrease from 608 billion riyals, scheduled for 2015, to 513.8 billion riyals in 2016. 

 

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