Saudi citizens will also lose a bonus cost-of-living allowance that had been in place since 2018, according to the country's finance minister. Despite efforts to diversify the economy, Saudi Arabia continues to rely heavily on oil for revenue. Brent crude now hovers around US$30 a barrel, far below the range Saudi Arabia needs to balance its budget. Oil revenues specifically were down by 24 percent, compared to the same quarter last year. To cover the budget deficit, Saudi Arabia drew US$26.8 billion from its net foreign assets in March in what economists say marked the fastest monthly contraction in more than two decades.

Source: The Standard May 11, 2020 09:07 UTC