Minister of Finance: Kingdom has taken several measures to face Corona pandemic

Thursday 1441/8/30 - 2020/04/23
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Riyadh, April 23, 2020, SPA -- Minister of Finance and Acting Minister of Economy and Planning Mohammed bin Abdullah Al-Jadaan, confirmed that the kingdom’s government has reached advanced stages of implementing its plans under the Kingdom's Vision 2030, as it has continued to control the public finances, control the fiscal deficit and achieved the goals by the end of 2019
    At the same time, it achieved its goals to increase non-oil revenues, which increased by 13% at the end of 2019.
This came during the virtual press conference, which was held today to talk about the most important economic developments in light of the implications of the Corona virus (Covid-19).
The minister indicated to that these results came as a result of work over a period of four years led by His Royal Highness Prince Muhammad bin Salman bin Abdulaziz, the Crown Prince, Deputy Prime Minister and Minister of Defense, as well as Chairman of the Economic and Development Affairs Council.
He added that "so we have good reserves of in foreign currency almost the third at the world level which enabled the government to face this crisis on a base of strength.
The minister indicated that with the beginning of the crisis, the directive of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud was issued on the recommendation of His Royal Highness the Crown Prince to form several teams to deal with this crisis on the side of the Political and Security Affairs Council and the committee to deal with the health crisis and a series of decisions were issued to protect the human being, which is the first and primary concern for the government of the Custodian of the Two Holy Mosques, including citizens and expatriates, as he ordered to provide the necessary health care free of charge to all on the territory of the Kingdom.
    On the economic and financial side, the Minister stated that a high committee has been formed under the chairmanship of His Royal Highness the Crown Prince with a large number of ministers as members to deal with this crisis, including taking precautionary measures and providing the necessary financing in the health sector to ensure that the health system has all the necessary supplies and protection and sufficient amounts to protect themselves and also deal with the health crisis and treat the affected, and the adoption of packages to help the economy and support the most affected private sector, and provide support for these facilities, with follow-up of the crisis developments and implementation of follow-up initiatives.
Al-Jadaan said that the unemployment insurance system was modified within 48 hours only, and the continuous support of the Social Insurance in the event of damage as it pays up to 60% of the employee’s salary in the private sector, at the same time in coordination with the Saudi Arabian Monetary Agency, so that banks do not deduct from the financing and financing products that employees took from the banks, according to the recommendation of the competent committee under the guidance of His Royal Highness the Crown Prince in providing the necessary financing.
The Minister revealed that the Ministry of Finance had received clear directives from His Royal Highness the Crown Prince to provide the Ministry of Health with requirements and provide them immediately, as 47 billion riyals were provided to the Ministry of Health, part of which was actually used, and it contracted to purchase supplies, including the requirements by the Global Health System and the Kingdom exerted great efforts to make sure that its citizens enjoy health protection, and orders were issued to the Custodian of the Two Holy Mosques to accelerate the payment of the dues of the private sector, and the Ministry of Finance previously announced the completion of payment of all dues of the private sector that arrived at the ministry during the period of not less than 30 days, and paid off more than 200 billion riyals for the private sector, where the ministry paid the dues of the private sector in excess of 23 billion riyals in a period of less than 30 days, indicating that 78% of the amounts was paid within a period of 30 days.
    Al-Jadaan stated that more than 14 billion riyals is added to the funds to provide additional support to the private sector, and these efforts continue with this pandemic in providing support and a set of initiatives, noting the quick decisions taken by the government of the Custodian of the Two Holy Mosques, expressing his gratitude for the very great support that the private sector and citizens receive him the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince.
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01:36 LOCAL TIME 22:36 GMT
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