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5 Initiatives In Saudi Arabia To Stabilize The Economy During The Pandemic

Since the COVID-19 outbreak, Saudi Arabia has proven to be one of the top countries acting fast to offset the negative impacts of coronavirus on its economy and people. Aside from ensuring free treatment to all coronavirus patients, the government is implementing packages to save the private sector. The royal order of the Custodian of the Two Holy Mosques King Salman is committed to continue supporting the stabilization of the economy to control COVID-19 repercussions. Here are some of the ways:

1. Saudi Arabia to pay 60% of private sector wages

2. King Salman approve a SR 900 million package of additional initiatives for the private sector and electricity bill payments. According to SPA, the royal decree states:

- Providing a 30% discount for April and May months on the electricity bill for the commercial, industrial, and agricultural sectors, with the possibility of extension if the need arises, with a budget of SR 900 million. It is expected that the number of accounts benefiting from this discount will be more than 1.7 million accounts.

- Allowing the commercial and industrial sectors optionally to pay 50% of the value of the monthly electricity bill for the months of April, May, and June, as the remaining dues are to be collected in divided payments for six (6) months starting from January 2021 with the possibility of postponing the period of payment if it is necessary. More than 1.6 million accounts will benefit from this discount.

- Every worker in the Kingdom (even the ones that are not registered under a company) will receive financial assistance as deemed necessary.

3. A SR47 fund will make sure that hospitals do not run out of medical supplies.

4. The Social Development Bank launched a fund to back SMEs in the healthcare sector

5. The private sector is also giving back to the national COVID-19 fund

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