Oil price crash: Saudis told to embrace austerity as debt defaults loom

Massive fiscal austerity could erode the social fabric of the Gulf oil producing nations five years on from the Arab Spring
By Mehreen Khan
8:00PM GMT 30 Jan 2016
Kingdom faces a future of higher taxes and low fuel subsidies amid fears the world's weakest oil producers will soon begin to buckle

Saudi Arabia faces years of tough austerity as the worst oil price crash in the modern history forces the kingdom to make radical cuts to government largesse, the International Monetary Fund has warned.

The world's largest producer of crude oil will need to "transform" its economy away from oil revenues, which make up more than 80pc of the government's wealth, according to Masood Ahmed, head of the Middle East department at the IMF.

There will have to be a major transformation of the Saudi economy. It is necessary and it is going to be difficult
Masood Ahmed, IMF

MCMLXXVI:
I know the route this dull OP is trying to take.
This is the clown's corner-corner attempt at justifying the criminal stamp duty tax introduced by his brain-dead hero.

We are not deceived by the the foolish tactics of you unscrupulous hypocrites.

When GEJ adjusted the PMS downward to match with the fall in oil prices, academic quacks and consumate immbeciles like Fashola and Tam David West came up with some morronic calculations on why the PMS price should be 40 naira and not the 87 naira it was set at.
What happened naa? Now they are in power and oil price has further fallen. Why isn't PMS selling for 40 naira yet? There isn't an atom of honesty in any of you vultures.

Shameless liars and scumbags, the lot of you.
Keep trying to defend the criminal policies of those hypocrites, turncoats and dimwits you call heroes.
Peace out.

ayourbamie:
all they know is to wail... I feel we should give Buhari some time to fix things.