Saudi Arabia allocates $5.3 bln to face repercussions of rising international costs

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Saudi Arabia has allotted $5.3 billion to assist residents face
the repercussions of rising international costs, Development reviews citing
Al
Arabiya
.

King Salman bin Abdulaziz permitted the allocation in a royal
decree after the Council of Financial and Improvement Affairs,
chaired by Crown Prince Mohammed bin Salman, reviewed a number of
financial and growth points earlier within the day.

Throughout the council assembly, the Crown Prince “burdened the necessity
to bear in mind the neediest residents within the face of
worldwide developments that resulted in rising prices of some
fundamental wants,” in keeping with SPA.

Of the $5.3 billion, $2.7 billion might be allotted as direct
money transfers to assist social safety beneficiaries, the
Citizen Account Program and the Small Livestock Breeders Assist
Program.

The remainder of the quantity might be devoted to rising the
Kingdom’s strategic inventory of fundamental supplies and to make sure their
availability.

A complete of $532 million might be distributed as an extra
one-time pension fee to social safety beneficiaries for the
present 2022 fiscal yr, SPA reported, citing the royal
decree.

The Kingdom may even re-open the registration for the Citizen
Account Program in accordance with the beforehand introduced
rules.

An quantity of $2.1 billion might be allotted as extra
monetary assist to the beneficiaries of the Citizen Account
Program for the top of the present fiscal yr.

And eventually, an quantity of $108 million is to be allotted as
monetary assist to the beneficiaries of the Small Livestock
Breeders Assist Program.

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