NOURNEWS- Saudi Arabia is the world's largest oil exporter and third largest oil producer.
Due to the spread of coronavirus, the sharp drop in oil prices, the unprecedented decline in demand of the black gold market and the contraction of the global economy have had a significant negative impact on the country's economy.
Last week, Saudi Arabia took significant steps to reduce costs and address the economic consequences of the Coronavirus outbreak, including an increase in VAT from 5 percent to 15 percent, which will increase the economic pressure on its citizens.
Meanwhile, Saudi Arabia's military budget has exceeded the budget for education and healthcare in the past five years, since the start of Saudi military intervention in Yemen.
An examination of Saudi Arabia's budget table shows that between 2016 and 2020, the country spent about $ 273 billion, or 20.9 percent of government spending, on weapons and military spending.
At the same time, education budget was $ 271 billion, or 20.7 percent of government spending, and healthcare budget was $ 202 billion, or 15.4 percent government spending.
On March 26, 2015, Saudi-led coalition launched a military operation against Houthi militias in Yemen.
Reports from the Stockholm International Peace Research Institute (SIPRI) show that Saudi arms imports grew 8.7 percent between 2015 and 2015.
The United States is a major arms exporter to Saudi Arabia, especially after Donald Trump came to power.
United States has provided 73.5 percent of Saudi arms imports over the past five years, that equals $ 13.01 billion.
After his presidency, Trump made his first foreign trip to Saudi Arabia, following which the two countries signed a $ 110 billion contract.
That was part of the $ 470 billion that Saudi Arabia pledged to invest in various sectors of US industry over the next 10 years.
This investment could create one million jobs in the United States.
In 2020, Saudi Arabia spent 18 percent of its budget, or $ 48.5 billion, on military spending.
In 2019, Saudi Arabia ranked fifth in the world in terms of military spending with $ 61.9 billion.
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