Dubai: Saudi Arabia will cancel and postpone spending and cut some allocations for Vision 2030, with a total cost of 100 billion riyals (Dh97.8 billion), according to Al Arabiya.

The has been taken as part of the government’s efforts to manage the economic and fiscal impact of the coronavirus pandemic and the crash in oil prices, said Saudi Finance Minister Mohammed Al Jadaan on Monday.

The government also decided to raise value added tax (VAT) from 5 per cent to 15 per cent starting from July 1 and suspend giving out cost of living allowance starting from June 1, according to state news agency SPA.

Al Jadaan added that a ministerial committee has been formed to study the financial benefits of all civil servants and come up with a decision in 30 days.

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