King Shah Salman seriously ill

Lahore, 21st July 2020: The pandemic coronavirus is proving devastating to the economy of the third world countries as well as the rich counties which were once tax-free heavens.

Today Mubasher Lucman, Pakistan’s renowned anchor reveals the facts on the current situation in Saudi Arabia and recent reports on King Salman. Lucman tells us that the life of a common man is badly affected by the pandemic and as it is prolonging the devastation is immense on the business and economy.

Saudi King Salman announces major relief

Watch the full video in the link below:

The Gulf countries are facing an acute fund shortage as once oil-rich countries were mainly dependent on oil income. Now the worldwide demand for oil is on a decline and it is expected that in the coming days the oil prices will further go down as the demand is negative.

Saudi Arabia is one such country that had excellent facilities for its citizens and the system was tax-free. They were earning 150$ billion from oil sales and some 100$ billion from Aqamah and visa fee and another 150 $ billion from Hajj fees. This time around the income will shortfall as the oil sale will be down and the Hajj is controlled and minimized.

Saudi King Shah Salman’s health deteriorates, hospitalized

KSA had launched the biggest IPO sale for the world’s biggest oil company ARAMCO and it was an act to raise funds for the cash-short economy. After this KSA is hoping to get more money through stock sales and will be imposing new taxes as only then the budget deficit will be managed.

After-tax imposition inflation would increase and the common man will face it difficult to maintain the lifestyle. But many jobs will be lost and many foreigners would find it difficult to stay back.

Reportedly, King Shah Salman is seriously sick and the situation is getting tense. His supporters wish and pray that this ambitious leader can take them out of this turmoil. The Yemeni war is draining Saudi resources and many think that this aimless venture has to end as the economy is no longer capable of prolonging this dispute.

SRK’s Mannat all covered in plastic sheets

Kuwait is another such country which is finding it difficult to maintain the status and are considering going to the international donors for the arrangement of loan. This is unprecedented so they are debating on the issue and planning to make some laws so that proper utilization of funds is guaranteed.

However, the experience is contrary once the loan is taken the interest installments and rates are such that the vicious circle grows and it becomes impossible to get out.

Hopefully, Gulf countries will learn from the experience of Pakistan and avoid getting into a similar situation. Desperate times need desperate measures.

Stay tuned to Baaghi TV for more updates!