DUBAI Saudi Arabia announced a 120-billion Saudi riyal worth of initiatives to implement urgent measures to mitigate the impact of coronavirus on the Kingdom’s economic activities, including the private sector. “The government is moving decisively to address the unprecedented effects and consequences of the coronavirus global pandemic crisis, and is taking immediate measures to ensure the safety of its citizens and residents, and to address its fiscal, financial and economic impact, Mohammed bin Abdullah AlJadaan, the Minister of Finance and acting Minister of Economy and Planning, said in a statement. The set of initiatives would particularly support the private sector, especially small and medium enterprises and economic activities most affected by the virus. “The government has taken precautionary and strong measures to protect citizens and residents in the Kingdom, and to ensure the availability of immediate financial resources which will guarantee that all direct preventive measures to limit the spread of the virus and address this pandemic crisis’ consequences, as well as protect government facilities and agencies and ensure the continuity of their work,” AlJadaan said. The financial stimulus package of these initiatives reaches more than 70bn riyals, which consists of exemptions and postponement of some government dues to provide liquidity to the private sector thereby enabling them to manage continuity of their economic activities, Al-Jadaan added.–Agencies
