Saudi Arabia assessing all options to stimulate economy
Friday, 09 25 2020, Category: Economy, Country: Saudi Arabia
Saudi Arabia is evaluating all the options to support its economy to offset a sharp decline in oil revenue and economic contraction caused by precautionary measures to halt the spread of the coronavirus, Minister of Commerce and Investment Dr. Majid Al-Qasabi told Bloomberg TV.
“The impact of oil prices has affected Saudi Arabia’s revenue and like any other country we have to adjust,” the minister said, emphasizing that the government is continuously reviewing options that are best for the people and the nation.
On the possible review of value-added tax (VAT), Al-Qasabi said that the government will take steps to stimulate the economy and ensure steady growth.