Saudi Arabia’s Minister of Finance Muhammad al-Jadaan highlighted the extent of Saudi Arabia’s financial measures to mitigate the impact of Covid-19 on 17 April. The minister said that it includes “numerous fiscal, monetary and financial measures, where it allocated more than SR120bn ($32bn), around 4% of GDP” as well as SR9bn ($2.4bn) in support for Saudi citizens employed in the private sector. Moreover, the government allocated SR50bn ($13.3bn) to expedite payment to private sector firms, reduce electricity bills for companies and support private sector salaries.
Regarding the electricity subsidies, the Ministry of Energy will provide SR900mn ($240mn) of discounts on electricity bills to lessen the financial and economic impacts of the Covid-19 pandemic, SPA news agency announced on 15 April. These will comprise a 30% reduction in electricity bills in April and May for the commercial, industrial and agricultural sectors and the option for the commercial and industrial sectors to pay 50% of the value of electricity bills in April, May and June and to pay any outstanding dues over six months beginning in January 2021. (CONTINUED - 176 WORDS)