The Saudi News Agency said that the Saudi King, King Salman bin Abdulaziz, approved a package of initiatives aimed at “providing cash for the private sector so that it can be used to manage its economic activities and work continuously to study the effects and repercussions of the emerging Corona virus crisis and its challenges in a number of sectors and regions, And study opportunities to address them with support, motivation or others. ”
The Saudi Minister of Finance, Economy and Planning, Muhammad bin Abdullah Al-Jadaan, according to what was reported by the Saudi Press Agency, said that the additional initiatives were to support, exempt and expedite the dues of the private sector, and it comes after the Saudi monarch’s order in the beginning of April the government of his country to bear 60% of the salaries Saudi private sector employees, with a total value of 9 billion riyals.
Al-Jadaan pointed to the additional initiatives that were represented in 5 items, including allocating 50 billion riyals, or about 13.3 billion dollars, to accelerate the payment of private dues, as well as providing a discount on the value of the electricity bill for consumers in the commercial, industrial and agricultural sectors of 30% for a period of two months, and renewable if it is necessary.
Al-Jadaan also mentioned that additional funds were allocated to support the health sector, bringing the volume of support to $ 47 billion, or about $ 12.5 billion.
Here is what came in the 5 initiatives:
Firstly: Allocating an amount of 50 billion riyals to accelerate the payment of the dues of the private sector.
Secondly: Provide a discount on the value of the electricity bill for consumers in the commercial, industrial and agricultural sectors of 30% for a period of two months (April – May), with the possibility of extension if the need arises.
Third: Optional allowance for subscribers in the industrial and commercial sector to pay 50% – of the value of the monthly electricity bill for the months’ bills (April, May, and June), provided that the remaining dues are collected in divided installments for a period of six months starting from January 2021 with the possibility of postponing the payment period if necessary the need.
Fourthly: Supporting individuals working directly who are not under the umbrella of any company and registered with the Public Transport Authority in the activities of passenger transport and were stopped due to the precautionary measures of the Corona virus, by paying an amount of the minimum amount of salaries to them.
Fifthly: Rapid activation of Cabinet Resolution No. (649) dated 13 Dhul Qi’dah 1440 AH, which requires that companies in which the state owns more than (51%) of its capital, to take into account the general principles and rules for offering business and purchases and give preference to local content and small and medium enterprises, which will increase the movement Economy in the local market and directing demand towards local products and services.