VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

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 // As quoted by AFP.com (11/5)  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// Finance Minister Mohammed al-Jadaan said in a statement released by the official Saudi Press Agency that It has been decided the cost of living allowance will be halted from June 2020 and VAT will be raised from 5 percent to 15 percent from July 1// Jadaan insisted the measures were necessary to shore up state finances amid a "sharp decline" in oil revenue as the coronavirus pandemic saps global demand for crude//AFP