Saudi King Salman bin Abdulaziz Al Saud issued a royal decree this week ordering the allocation of SR20 billion ($5.33 billion) in financial support to tackle the effects of the rising global prices and inflation.
Half of the allocated money will go to social insurance beneficiaries and for the Citizen Account Program, the Saudi Press Agency said.
The amount is “financial support to social insurance beneficiaries for helping them confront the repercussions of rising prices globally,” the SPA confirmed.
“SR10.4 billion ($2.7 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…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,” according to the SPA.
