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Wednesday, 21 December 2016

Saudi Arabia Plans Payouts to Offset Subsidy Cuts in 2017 - Bloomberg

Saudi Arabia Plans Payouts to Offset Subsidy Cuts in 2017 - Bloomberg:
"Saudi Arabia is weighing plans to raise retail fuel prices again next year and will start a cash-transfer program to compensate all but the wealthiest for cuts in universal subsidies as it pursues an unprecedented plan to overhaul the economy.

The government is expected to announce the increase in retail gasoline and diesel prices before the end of the year, a person familiar with the matter said. Families affected by the measures can register for cash transfers from Feb. 1 and the payments will start in June, according to two people familiar with the plan. The two spoke on condition of anonymity because they’re not authorized to release the details.

Government officials weren’t immediately available for comment."

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