Saudi Arabia Economic Problems: Gulf News, Payment Programs - Bloomberg:
Saudi Arabia suspended payments by two of its mortgage-support programs as it looks to cut costs with the coronavirus pandemic and lower oil prices taking a major toll on the economy.
Authorities have also tripled the kingdom’s value-added tax and cut a cost-of-living allowance for government workers, among other measures.
An interest-free loan program for military personnel which covers 20% of a property, or up to 140,000 Saudi riyals ($37,000), will be suspended from May 31, the Housing Ministry said on its website. Another plan, which provides civilians with assistance up to 95,000 riyals, or 10% of a property, has also been paused.
All applications approved before May 31 will stand, according to the ministry. The government’s primary mortgage-support mechanism -- which offers assistance up to 500,000 riyals -- will remain active.
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