The private sector will not collapse after the initiatives of the Monetary Agency – Saudi News


The Saudi Arabian Monetary Agency since the inauguration of the Custodian of the Two Holy Mosques and Crown Prince Muhammad bin Salman has played a direct leadership and pioneering role to serve the Saudi economy.Since finance is considered the main pillar of the growth of any economy in the world, the Saudi Arabian Monetary Agency concerned with monitoring, following, directing and evaluating Saudi banks, joint banks and foreign banks, is the most important and strong arm in the growth of our country’s economy, and the truth has been following for decades past activity and responsibilities of the Saudi Monetary Agency I feel its impact and its role in the development of the private sector except recently, and since the assumption of His Excellency Mr. Ahmed bin Abdul Karim Al-Khulaifi, Governor of the Saudi Arabian Monetary Agency, whom I have never known, but I follow his activity to serve the economy through the private sector, and for the first time Criticism outside its walls, which were mostly confidential and undeclared to the public, and turned its role into a positive dialogue that brings together ministers involved in the private sector and leaders of the private sector in various fields in direct meetings to identify the obstacles facing the growth of the private sector, and try to remedy shortcomings To reach the main goals of private sector growth and increase its participation in the national product.

After this, I followed up on these great and new efforts of the Monetary Agency, the most recent of which was the Saudi Arabian Monetary Agency’s initiatives to reduce the financial and economic impact on the private sector, and the most prominent of these initiatives is to support the financing of small and medium enterprises, through three programs: the deferment program of $ 30 One billion riyals, as it is deposited in favor of banks and financing companies in order to postpone the payment of the dues of banks and financing companies for a period of six months to the small and medium enterprises sector, and the lending financing program in the amount of 13.2 billion riyals by granting loans from banks and financing companies to the small enterprise sector and Medium-and duration of the year, and the program support funding guarantees amounting to 6 billion riyals deposited with banks and finance companies to enable them to exempt small enterprises and medium costs guarantee program financing of small and medium enterprises (ensure loans) during the fiscal year 2020 and to support the expansion of funding.

Among the initiatives is also the support of the points of sale and e-commerce transactions with an amount of 800 million riyals, which is made by the Corporation bearing all fees for payment service providers participating in the national system for stores and private sector facilities for a period of three months.

As well as the initiative to facilitate payments related to the financing of enterprises affected by the precautionary measures in Makkah and Madinah.

In addition to the initiatives of the Monetary Agency, the initiatives of the General Authority of Zakat, which postponed the supply of value-added tax, selective goods tax and income tax for a period of three months, postponing the submission of Zakat declarations and postponing the payment of obligations due therefrom, and postponing the payment of value-added tax due to be paid through the General Customs Authority, as well as granting Zakat certificates without restrictions for the period of approval for the fiscal year 2019 for a period of three months, and the expansion of accepting installment requests without stipulating an advance payment by the General Authority of Zakat and Income for a period of three months, and postponing the implementation of the procedures to stop services and seize Funds by the General Authority of Zakat and Income and the development of the necessary standards to extend the postponement period for the most affected activities as needed.

Among the initiatives is the initiative of the Ministry of Commerce to postpone the payment of renewal fees for the commercial registry for a period of three months. Given the association of the chambers of commerce with the commercial registry, I wish that the chambers of commerce presented an initiative to postpone the chamber’s subscription or exempt the subscribers from the subscription for a period of three months while providing free certification for them during the next three months .

One of the most important initiatives with a financial impact is the initiative of the Ministry of Human Resources and Social Development to exempt from financial compensation for expatriate expatriates.

* Saudi writer

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