New Financial Support Package Announced

Saudi Arabia’s King has announced a new financial support package has been approved. The 50 billion Riyal package includes financial support, exemptions, relief measures and accelerating payment of private sector dues. It is the second financial support package to be announced by the Saudi authorities. The King has also extended a discount of 30% for electricity bills for consumers in the commercial, industrial and agricultural sectors for two months. It could be extended if needed. Subscribers in the industrial and commercial sectors will also have the option of paying 50% of the value of monthly electricity bills for April, May and June, provided the outstanding amounts are collected in divided instalments for six months from January 2021. The postponement of the payment period could be extended if necessary. In addition, the salaries of passenger transport employees could be partially subsidized. However, these individuals must be registered with the Saudi Public Transport Authority. In addition, an extra 47 billion Riyals have been allocated to the health sector to help it upgrade its readiness, secure medicines, arrange additional beds and provide necessary medical supplies like artificial respirators and devices and laboratory test supplies. It is also aimed at helping recruit the necessary medical and technical teams in the Kingdom and abroad. Full story

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