Virtual Press Conference on Economic Developments in Saudi Arabia

Saudi Minister of Finance, Acting Minister of Economy and Planning Mr. Mohammed bin Abdullah Al-Jadaan holds on Wednesday April 22; a virtual press conference to talk about the most prominent economic developments in Saudi Arabia. This comes in the light of challenges facing the global economy caused by the COVID-19 outbreak.

The conference will focus on the initiatives announced by the government to mitigate the effects and implications of the pandemic on the private sector and financial activities.

Recently, a number of government agencies announced a package of measures and initiatives that exceeded SAR70bn in value. This is in terms of exemptions and postponement of some government dues. This aims to provide liquidity to the private sector so that it can be used to manage its economic activities.

This came in addition to the SAR 50 billion support program announced by the Saudi Arabian Monetary Authority; for banks, financial institutions and SMEs.

In addition, the government would pay through the (Sand) system 60% of the salaries of Saudi private sector labors; with a total value of SAR9bn covering three months for those registered with the General Organization for Social Insurance (GOSI). Not to mention recently announced economic measures, consisting of support, exemption, and expediting payment of private sector dues with a value of SAR 50 billion.

Government agencies have worked on delivering these initiatives and measures to mitigate the impact of this global pandemic.

In this regard, a web page was launched to include all initiatives announced by the government agencies to promote the ongoing effective engagement of the private sector and its labors in Saudi Arabia’s economy ecosystem.

This page allows direct access to each initiative, its definition and how to benefit therefrom.