Saudi Arabia denies revoking energy subsidies
Decision will come only after the application of citizen account program and depositing compensation
The Saudi Arabia Ministry of Energy, Industry and Mineral Resources denied its intentions to repeal the subsidies for energy in the kingdom tomorrow, stressing that the decision to revoke the aid will come only after the application of the citizen account program and depositing the government compensation in citizens’ accounts.
The energy ministry said in a tweet: "A rumor propagated in Social media stating that the Government support for the energy sector will be reversed tomorrow. In fact, this will only happen after applying the citizen account program and depositing the money.”
Within the fiscal balance program, the Kingdom has announced new measures aimed to ease the burden of financial reforms on Saudi families, including the “citizen’s account” pack that will determine the amount of direct cash support per month for each Saudi family with a monthly income of less than 20,000 riyals.