Saudi Arabia has allocated $5.3 billion to help citizens face the repercussions of rising global prices, the official Saudi Press Agency (SPA) reported on Monday.
King Salman bin Abdulaziz approved the allocation in a royal decree after the Council of Economic and Development Affairs, chaired by Crown Prince Mohammed bin Salman, reviewed several economic and development issues earlier in the day.
During the council meeting, the Crown Prince “stressed the need to take into account the neediest citizens in the face of international developments that resulted in rising costs of some basic needs,” according to SPA.
Of the $5.3 billion, $2.7 billion will be allocated as direct cash transfers to support social security beneficiaries, the Citizen Account Program and the Small Livestock Breeders Support Program.
The rest of the amount will be dedicated to increasing the Kingdom’s strategic stock of basic materials and to ensure their availability.
A total of $532 million will be distributed as an additional one-time pension payment to social security beneficiaries for the current 2022 fiscal year, SPA reported, citing the royal decree.
The Kingdom will also re-open the registration for the Citizen Account Program in accordance with the previously announced regulations.
An amount of $2.1 billion will be allocated as additional financial support to the beneficiaries of the Citizen Account Program for the end of the current fiscal year.
And finally, an amount of $108 million is to be allocated as financial support to the beneficiaries of the Small Livestock Breeders Support Program.