RIYADH: Bond sales and indirect taxation are part of Kuwait's strategy to address its budget deficit, Al-Jarida paper reported, citing the country's finance minister
Minister Khalifa Hamada made the remarks in response to a parliamentary question about the government's strategy.
Taxes are selective, “imposed at high varying rates on the selling price of goods harmful to public health and the environment, in addition to luxury goods specified by law,” in addition to value-added tax, Hamada explained.
There is need for cooperation between the government and the parliament "to allow the issuance of bonds, and the orderly and limited withdrawal from the Future Generations Reserve Fund, to cover the deficit as a temporary measure, pending the completion of the reforms contained in the government's work program," the newspaper quoted the minister as saying.
Kuwait plans taxes and sovereign bonds to balance budget, says minister
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Kuwait plans taxes and sovereign bonds to balance budget, says minister
- Sale of bonds seen as temporary measure to address deficit
School, hotel outlays keep Saudi POS weekly spending above $3bn: SAMA
RIYADH: Spending on education in Saudi Arabia increased by 4.3 percent for the week ending Jan. 10, while hotel outlays saw a 0.9 percent increase, aiding the total weekly spending to stay above $3 billion.
According to the latest data from the Saudi Central Bank, the overall point-of-sale value dropped 16.6 percent to SR14.2 billion ($3.79 billion) with transactions representing a 7.3 percent week-on-week decrease to 236.7 million.
This week saw negative changes across all the remaining sectors.
Spending in the freight transport, postal, and courier services sector saw the biggest decrease at 35.9 percent to SR47.60 million, followed by telecommunications, which posted a 26.2 percent drop to SR188.42 million.
Expenditure on apparel and clothing saw a fall of 19.3 percent to SR1.3 billion, followed by an 18.3 percent decrease in spending on books and stationery. Jewelry outlays saw a 22.3 percent decrease to reach SR422.54 million.
Spending on car rentals in Saudi Arabia fell by 14.2 percent, while airlines saw a 6.3 percent decrease to SR48.04 million.
Expenditure on food and beverages saw a 23.6 percent decrease to SR2.07 billion, claiming the largest share of the POS. Restaurants and cafes retained the second position despite a 7.3 percent dip to SR1.76 billion.
The Kingdom’s key urban centers mirrored the national decline. Riyadh, which accounted for the largest share of total POS spending, saw a 13.6 percent dip to SR4.85 billion, down from SR5.61 billion the previous week.
The number of transactions in the capital settled at 74.78 million, down 6.1 percent week on week.
In Jeddah, transaction values decreased by 9.5 percent to SR2.02 billion, while Dammam reported a 15 percent decrease to SR707.12 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in the Kingdom.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
