Saudis Load Up on Debt as Government's Austerity Program Bites

Saudi nationals are borrowing two to three times more money than last year as government moves to shore up public finances push up living costs.

Since the beginning of 2018, the government has raised fuel and utility prices, introduced value added tax and imposed a levy on some temporary foreign workers not under an employer’s sponsorship. But while the authorities’ aim is to boost revenue without snuffing out economic growth, the latest official loan data suggest the policy is hitting ordinary citizens in their wallets.