(MENAFN- Trend News Agency)
Saudi Arabia has allocated $5.3 billion to help citizens face
the repercussions of rising global prices, Trend reports citing
Al
Arabiya .
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.
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