Saudi Arabia announces SAR 120 B coronavirus precautionary measures
Saturday, 03 21 2020, Category: Economy, Country: Saudi Arabia
Saudi Arabia’s government launched SAR 120 billion initiatives to implement urgent measures to mitigate the impact of coronavirus on the Kingdom’s economic activities, including the private sector, Mohammed Al-Jadaan, Minister of Finance, Economy and Planning said.
Initiatives worth SAR 70 billion were launched to support the private sector, especially the small and medium enterprises (SMEs), and other economic activities. They include exemptions and postponement of some government dues to to provide the private sector with liquidity and enable it to manage continuity of their economic activities.
Moreover, the Saudi Arabian Monetary Authority (SAMA) launched an SAR 50 billion financing package last week to support the private sector, especially SMEs, and mitigate the potential economic impacts of the coronavirus outbreak.