Although history witnessed the passage of many economic crises to Saudi Arabia and surpassed them safely, thanks to the prudence in dealing with them, the exceptional stage that is now passing through the world prompted it to announce a strategy of “tightening the belt” to control and reduce expenditures to meet the exceptional circumstances of the most severe crises that the state has gone through.
Huge and huge repercussions that the “hidden virus” inflicted on the economy of the Kingdom, and the economies of the countries of the world as a whole, but Saudi Arabia has borne its full consequences, and has largely protected citizens from its repercussions at the height of their occurrence, before they begin to take painful economic measures, which is a necessary evil, as It is the case in the rest of the world, which is still in the process of facing one of the greatest challenges of the twenty-first century, which requires the necessity of taking measures that enable the Kingdom to continue combating the pandemic whose financial and economic effects may extend for more than two years, according to global estimates.
In order to achieve the public interest, and to ensure the sustainability of public finances and the ability to manage the national economy, the Kingdom’s government will ensure that the measures it takes are at their minimum levels without affecting the necessary expenditures, and will focus on additional expenditures that will not ultimately affect the livelihoods of their basic citizens.
And at a time when the World Health Organization expects the global control efforts to continue for a period of up to two years, observers do not rule out that the world’s governments, including the Kingdom, will take economic measures that enable them to face the consequences of this pandemic on their economies, because the Saudis are not only facing the Corona crisis, but many Geopolitical challenges, low oil prices.
The Saudis will not forget their government standing with full force at their side in the height of the Corona crisis, and spending it generously to face the consequences of Corona by allocating 177 billion riyals to support the health sector, the private sector and individuals, which represents about 18% of the state’s general budget, at a time when oil revenues fell to a third, which It requires re-prioritization of some expenditures according to their importance to mitigate the effects on public finances in this year and the medium term, by reducing the budgets of sectors such as sports, entertainment, mandates and travel of employees, so that the Saudis firmly override the “bandage” of the global crisis and become, in the near future, the anniversary of 2020. Li hardened earth and men.