Austerity measureswere even taken by the Royal family of Saudi-Arabia who dominated the Arabian peninsula for more than 250 years after 1991 Persian Gulf War to offset the staggering cost of US$ 55 Billion threatening the long-ruling Al-Saud family, then. As the Worlds largest Oil producer and exporter, with one-quarter of the worlds known oil reserves buried under its sands, the lack of money posed an immediate threat to the status quo of the Monarchy after the Gulf War as reported in The Houston Post dated March 26th 1995.
The cradle-to grave welfare system that provided free health care, education, subsidized electricity & water along with unlimited telephone calls was influx and many Saudis wondered whether social contract for unlimited largesse in return for unrestricted rule will peril?
Debt of Gulf Wars 55 Billion US$ forced the Saudi government to impose belt-tightening increase in its domestic revenues, to finance the Budget. Local phone calls and domestic air fares were raised 20%. Similarly, electricity and water fees were also increased to generate additional revenue. Bankers estimated the foreign debts of Saudi-Arabia at $70 billion at that time and USA offered to provide assistance through IMF, World Bank and American bank but, Saudis refused to borrow on interest and get rid of all their debts within a short span of 3 years. King Fahds personal wealth was estimated to be $12 billion with an about dozen palaces in Saudi-Arabia and Europe. The monarch who ruled as king and prime minister since 1982 had a $60 millions Yacht protected by stringer anti-aircraft missiles and a private Boeing 747 Jetliner.
In September, 1995 nearly 1000people were jailed for resulting from Islamic fundamentalist demonstration of 10,000 people in the central city of Buraida to protest the arrest of Sheik Salman-al-Audeh, an outspoken critic of the Royal Government. There were almost 6,000 Princes and Princesses in 1995. Around 2000 of them were holding any real power.
Compare it with todays Pakistan and behavior of our rulers and their approach towards borrowed money from IMF on harsh terms increasing prices of commodities, petroleum, electricity, gas and even Water while removing non existent Subsidy!
Its an open secret that our governments in succession sell off public services and facilities on though away prices whether democratic or that of an army establishment, against a meek sum of foreign exchange when only the incoming remittances through banking sector (from Pakistans living abroad) is exceeding US$ 6 Billion / annum!
PS: Writer throws an open challenge to them WHO dare to conflict with narrated fact & figures.
The cradle-to grave welfare system that provided free health care, education, subsidized electricity & water along with unlimited telephone calls was influx and many Saudis wondered whether social contract for unlimited largesse in return for unrestricted rule will peril?
Debt of Gulf Wars 55 Billion US$ forced the Saudi government to impose belt-tightening increase in its domestic revenues, to finance the Budget. Local phone calls and domestic air fares were raised 20%. Similarly, electricity and water fees were also increased to generate additional revenue. Bankers estimated the foreign debts of Saudi-Arabia at $70 billion at that time and USA offered to provide assistance through IMF, World Bank and American bank but, Saudis refused to borrow on interest and get rid of all their debts within a short span of 3 years. King Fahds personal wealth was estimated to be $12 billion with an about dozen palaces in Saudi-Arabia and Europe. The monarch who ruled as king and prime minister since 1982 had a $60 millions Yacht protected by stringer anti-aircraft missiles and a private Boeing 747 Jetliner.
In September, 1995 nearly 1000people were jailed for resulting from Islamic fundamentalist demonstration of 10,000 people in the central city of Buraida to protest the arrest of Sheik Salman-al-Audeh, an outspoken critic of the Royal Government. There were almost 6,000 Princes and Princesses in 1995. Around 2000 of them were holding any real power.
Compare it with todays Pakistan and behavior of our rulers and their approach towards borrowed money from IMF on harsh terms increasing prices of commodities, petroleum, electricity, gas and even Water while removing non existent Subsidy!
Its an open secret that our governments in succession sell off public services and facilities on though away prices whether democratic or that of an army establishment, against a meek sum of foreign exchange when only the incoming remittances through banking sector (from Pakistans living abroad) is exceeding US$ 6 Billion / annum!
PS: Writer throws an open challenge to them WHO dare to conflict with narrated fact & figures.
