Saudi Arabia on Monday announced it was providing 20 billion riyal (US$5.3 billion) directly to citizens in a bid to mitigate the impacts of inflation and rising prices.
King Salman bin Abdulaziz Al Saud by royal decree approved the allocation of 20 billion riyal in financial support “to protect the beneficiary families from the repercussions of the effects of global price hikes,” Saudi Press Agency (SPA) reported.
The decree came in light of a study by the Council of Economic Affairs, which is chaired by Crown Prince Mohammed bin Salman bin Abdulaziz.
“A Royal Decree was issued approving the allocation of SR20 billion as a financial support to confront the repercussions of rising prices globally,” SPA reported….