May 13, 2020, 5:39 PM
Journalist ID: 2053
News Code: 83786773
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Pakistan daily believes Saudis influence is weakening

Islamabad, May 13, IRNA -- A Pakistani news daily strongly believes that Saudi Arabia is grappling with the worst financial crisis, and it seems that its economic austerity will reduce the influence of Al-Saud rulers.

Daily Times in its editorial comments said that whatever the current situation, it is unpleasant for the Riyadh, while it is also bad news for Pakistan, because bulk of the country’s remittances come from Saudi Arabia.

“After all, it (Saudi Arabia) is also usually our first port of call (sometimes second, after China) whenever we’re out of money and need to borrow some more. And we’re about to run out of money again very soon,” it said.

Daily Times said that Riyadh will probably not return to Islamabad in the near future for advice and consultations, however, the sharp decline in world oil prices and Saudi tensions with the Russians over oil prices have severely hampered the Saudi economy and may change the country's fate forever.

It said Saudi rulers, known for their extravagance luxury living, have now resorted to the most severe austerity, and the country has tripled its VAT, cut monthly subsidies for citizens and reduced oil production to the lowest level in the country.

It said Riyadh must now borrow close to $60 billion this year to put a lid on the budget deficit, which it has suffered every year now since 2014.

272**2050

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