In Saudi Arabia, King Salman bin Abdulaziz, on the recommendation of Crown Prince Mohammed bin Salman, has approved an allocation of 20 billion riyals to help reduce the effects of rising global inflation on citizens.
Half of the money will go to the Social Insurance Beneficiaries and Citizen Accounts program.
According to the state-run news agency SPA, Crown Prince Muhammad bin Salman had hinted at tackling the problems of the most needy sections of society after a meeting of the Economic and Development Affairs Council.
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The council meeting, chaired by Prince Muhammad bin Salman, highlighted the new economic situation around the world and the need to save the most needy families from the global wave of inflation.
Prince Muhammad bin Salman had given suggestions to King Salman bin Abdulaziz to deal with the situation. He approved it and ordered the allocation of 20 billion riyals in aid to deal with the problems of the global inflationary wave.
According to the SPA, four points have been stated in the royal assent. Under this, two billion riyals will be distributed among the beneficiaries of social sponsorship during the financial year 2022. This subsidy will be given only once.
New entries in the Citizens Account Program have also been approved. Registration will be in accordance with the pre-determined rules.
The third point of the royal assent states that 8 billion riyals will be distributed by the end of the current financial year as additional financial assistance to the users of the Citizen Account program. The distribution process will be subject to pre-determined regulations.
The fourth and final point is that 408 million riyals will be distributed as subsidy to small investors who raise cattle.
