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22 March 2020
ECONOMY

Saudi Arabia unveils measures to mitigate COVID-19 impact

The Saudi Arabian Monetary Authority recently launched a SAR 50 billion package to support business, including SAR 30 billion for banks and financing companies that are deferring loans for SMEs

The Kingdom plans to switch spending to sectors that are most affected by the epidemic and boost money for health services/Bloomberg

by Bloomberg

Saudi Arabia has unveiled a series of measures that would enable companies to redirect SAR 120 billion ($32 billion) as they struggle to combat the impact of the coronavirus pandemic.

The ministry of finance said that it would exempt the private sector from some government fees and delay other payments, for now saving firms SAR 70 billion. The steps will also allow businesses to delay value-added tax payments for three months.

In a statement, the ministry of finance said that the government ‘has the ability’ to diversify its sources of financing between public debt and reserves, enabling it to face the current challenges. The Kingdom plans to switch spending to sectors that are most affected by the epidemic and boost money for health services.


RELATED STORIES: Saudi Arabia Saudi Arabia Monetary Authority COVID_19

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