Saudi King allocates $5.3bn as aid to tackle rising global prices
RIYADH, July 6, 2022
Saudi King Salman bin Abdulaziz Al Saud has issued a royal decree ordering the allocation of SR20 billion ($5.33 billion) as a financial support to tackle the effects of the rising global prices. Of this half of the allocated money will go to social insurance beneficiaries and for the Citizen Account Programme, reported SPA.
The amount is being approved as financial support to social insurance beneficiaries for helping them confront the repercussions of rising prices globally, it stated.
This comes on the basis of recommendations from HRH Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, following a study conducted by the Council of Economic Affairs under his chairmanship.
As per the royal decree, SR10.4 billion will be distributed as direct cash transfers to support social security beneficiaries, the Citizen Account Program, and the Small Livestock Breeders Support Program, while the rest will be set aside to increase strategic stocks of basic commodities and ensure their abundance, stated the report.
The government has also set aside SR8 billion as additional financial support to the beneficiaries of the Citizen Account Program till the end of the current fiscal year, it added.
