Posted by : Aahil Shaik Thursday, April 16, 2020

Saudi King issues new Package to support the Private Sector after Coronavirus impact

The Custodian of the Two Holy Mosques Saudi Arabia's King Salman has approved a package of additional 50 Billion Saudi Riyals initiatives in order to support the private sector and reduce the impact on economy due to Coronavirus pandemic, The new package is the extension to earlier packages to support private sector. Trending : Private tutors, barber, beauticians and others should not allowed to enter homes during Coronavirus

The new support packages includes exemptions, financial support, relief measures and speed up the payment dues of private sector. The main aim of the package is to target SMEs (Small and Medium sized Enterprises) and economic activities most affected after the Covid-19 pandemic.

Some of the initiatives includes

1. Providing a 30% discount on the value of electricity bill for consumers in commercial, industrial and agricultural sectors for April and May months, with the possibility of extension. Most Viewed : Suspension of Iftar service in Madina during this Ramadan

2. Allocating an amount of 50 billion Saudi Riyals to speed up the payment of dues to the private sector.

3. Allowing subscribers in the commercial and industrial sector to pay 50% of the value of electricity bill for April, May and June, while remaining amount to be paid in divided installments for 6 months starting from January 2021 with the possibility of postponing the payment period if needed. Read : Saudi Arabia is producing more than 3.7 million masks per week in 8 factories

4. Pay the minimum salaries to individuals who are working in passenger transport, who are not under any company but is with Saudi Public Transport Authority (SAPTCO), whose activities stopped due to Coronavirus.

5. The rapid activation of the Cabinet decision which needs companies in which the government owns more than 51% of the capital give preference to the local market and SMEs. This move aims to increase the economic movement in the local market and directing demand towards local products and services. See Also : Saudi Arabia to move some labors into schools temporarily during Coronavirus

- The Minister of Finance also stressed that additional funds were allocated to the Health sector as needed, with financial support of 47 billion Saudi Riyals so far. Funding is being used to improve the health sector readiness, secure medicines, operate additional beds and provide necessary medical supplies such as ventilators and supplies of laboratory tests including securing the necessary medical and technical staff.

Saudi King issues new package to Support the Private Sector after Coronavirus impact - Saudi-ExpatriatesCom

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