Al-Marsad newspaper: Finance Minister Muhammad Al-Jadaan said that the Kingdom’s policy towards financial sustainability will ensure that reserves do not fall below a certain percentage of GDP.
“We are in the final stages of designing our financial sustainability policy,” Al-Jadaan told Archyde.com on the sidelines of the World Economic Forum in Davos.
Al-Jadaan added that Saudi Arabia would “ultimately” discuss reducing the value-added tax rate, which was raised in 2020, to 15 percent.
“We will eventually discuss reducing the value-added tax, but for the time being we are still trying to make up for the shortfall in reserves,” he added.
