King Salman orders allocating $5.33bln to face rising global prices
In response to the effects of rising prices throughout the world, King Salman bin Abdulaziz issued a royal decree sanctioning the distribution of financial help for 20 billion riyals ($5.3 billion).
10.4 billion riyals ($2.7 billion) of this total are allocated as direct cash transfers to help social security recipients and participants in the Citizen Account Program. The remaining money is used to boost strategic stockpiles of essential supplies and guarantee their availability.
The Custodian of the Two Holy Mosques issued an order that included reopening registration with the Citizen Account Program following previously announced controls and allocating two billion riyals ($533.3 million) to pay an additional one-time pension to those eligible for social security for the current fiscal year 2022.
8 billion riyals ($2.1 billion) were allocated as additional financial support for the end of the current fiscal year to the recipients of the Citizen Account program, as well as allocating 408 million riyals ($108.8 million) in support for the recipients of the small livestock program.
The support decisions made by the government towards families eligible for social security and the citizen’s account came with a desire to support these groups because they are the most in need.
As a result, the support for social security beneficiaries, the citizen’s account, and the reopening of the application for the program again come in a desire to support some groups and accommodate other segments who qualify for eligibility for this immediate assistance in light of the increases in world prices.
Additionally, the Citizen’s Account Program application has been made available once again, giving qualified families the chance to receive direct assistance payments and lessening their exposure to the effects of increasing global prices.
Small livestock producers were taken into consideration in the government assistance choices made by the Custodian of the Two Holy Mosques based on what the Crown Prince presented to help them cope with the increase in feed prices.
The Crown Prince’s proposal to assist social security recipients received the Custodian of the Two Holy Mosques’ approval, extending the Saudi government’s interest in helping this group of people copes with the effects of rising global costs.
The assistance given to social security recipients is also a part of a larger package of government subsidies designed to offset the effects of rising global prices on support-eligible households and help the beneficiaries fulfill their most basic requirements.
