Saudi Arabia plans to spend $261 billion in 2018. The budget will set a record for Saudi Arabia, as it looks to reform the country’s economy and reduce reliance on oil revenues. Forbes reported that Saudi Arabia plans to cut gasoline subsidies, creating a 80% price jump in January 2018. The article notes that gasoline prices were very low – a measly $10 could fill up a full tank. Even with a 80% increase, a full tank of gas would still cost less than $20.

In 2018, the country plans to introduce value added taxes and excise taxes on tobacco a...


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