Saudi Arabia spent more than SR214 billion ($57 billion) on 142 initiatives to tackle the impact of the coronavirus in the Kingdom.
The Kingdoms incentive measures included the suspension of some labor-related fines, wage protection measures and the postponement of the collection of customs duties on imports, reports Arab News.
More than 6,50,000 people directly benefited from the package of measures aimed at individuals, according to the Ministry of Finance’s Communications and Financial Knowledge Center.
Businesses also received help in the form of extra time to file tax and zakat returns, while families on low incomes were given support in sectors that were hard hit such as ride-hailing transport services. About SR9 billion was allocated to more than 1.2 million citizens working for businesses affected by the pandemic.
The Kingdom also implemented a number of fiscal measures with the Saudi Arabian Monetary Authority (SAMA) reducing its policy rates twice in March. SAMA announced a SR50 billion package to support the private sector on March 14, aimed particularly at SME’s by boosting banking sector liquidity.
The regulator instructed banks to delay repayment of loans for all Saudi employees by three months without extra fees and to provide finance to customers who lost their jobs.
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