Specialised observers unanimously agree that the Kingdom of Saudi Arabia is facing serious threats as its debts are increasing significantly due to the poor policies of Saudi Crown Prince Mohammed bin Salman.
The Saudi authorities debts amount to 250 billion dollars in 2022, at a time when revenues are declining as the National Center for Debt Management said in a press release that the Saudi Arabia will focus on refinancing $11.5 billion.
Riyadh is also facing major problems due to spending millions of riyals on entertainment parties, the General Entertainment Authority, the increasing government expenditures, and the decline in oil revenues.
The Bloomberg Agency stated that Saudi Arabia has begun allowing foreign investors to access the debt and government bond market within the Riyadh Stock Exchange, after concluding an agreement with Euroclear weeks after announcing Saudi debts.
Furthermore, economic agencies said that MBS is spending the wealth of Saudi Arabia on and squandering its capabilities on failed projects.
Government institutions’ figures and statistics show that the budget deficit has risen 4 times in 2001, 2002, 2009, and 2014, while Saudi recorded a consecutive deficit for 7 years, between 2015 and 2021, during the ruling of King Salman and his son, Crown Prince MBS.
Following the launch of Vision 2030, the numbers were adapted to show the success of the vision and the expectation of a surplus in the 2022 budget, however the reality is that the expected surplus resulted from reducing government expenditures and raising tax rates.
The Saudi government is now spedning from the pocket of the citizen, cutting from their salaries, increasing the prices of goods and imposing more fines on citizen, instead of working on real projects to provide citizens with decent life and a suitable income.
Government reports indicated that the value of taxes increased by 340%, from 87 billion riyals in 2017, to 295 billion riyals in 2021.
