Saudi Arabia unveiled a 120-billion Saudi riyals ($32 Billion) worth of initiatives to control the impact of coronavirus on the Kingdom’s economic activities, including the private sector.
The financial package consists of 50 billion riyals to support banks, financial institutions, and small and medium enterprises. Over 70 billion riyals are dedicated to other initiatives that support the economy.
“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,” Finance Minister Muhammad Al-Jadaan said.
A day before declaring the stimulus package, Saudi Arabia's King Salman made a rare appearance and addressed the nation in a televised speech regarding the coronavirus pandemic. King Salman ensured that government entities and authorities are doing their best to preserve the health of the nation. “I say it in all frankness, the next stage will be more difficult on a global level,” King Salman added.
Watch an excerpt below: