SaudiArabia announced a 120-billion Saudi riyal worth of initiatives to implementurgent measures to mitigate the impact of coronavirus on the Kingdom'seconomic activities, including the private sector.
"The government is moving decisively to address the unprecedentedeffects and consequences of the coronavirus global pandemic crisis, and istaking immediate measures to ensure the safety of its citizens and residents,and to address its fiscal, financial and economic impact, Mohammed binAbdullah Al-Jadaan, the Minister of Finance and acting Minister of Economyand Planning, said in a statement.
The set of initiatives would particularly support the privatesector, especially small and medium enterprises and economic activities mostaffected by the virus.
"The government has taken precautionary and strong measures toprotect citizens and residents in the Kingdom, and to ensure the availabilityof immediate financial resources which will guarantee that all directpreventive measures to limit the spread of the virus and address this pandemiccrisis' consequences, as well as protect government facilities and agencies andensure the continuity of their work," Al-Jadaan said.
The financial stimulus package of these initiatives reaches morethan 70bn riyals, which consists of exemptions and postponement of somegovernment dues to provide liquidity to the private sector thereby enablingthem to manage continuity of their economic activities, Al-Jadaan added.
In addition, the Saudi Arabian Monetary Authority has announced apackage of 50bn riyals, to support the banking sector, financial institutionsand SMEs.
These initiatives include: the exemption from expat levy for thosewhose Iqama has expired from now until 30 June 2020, by extending their Iqamafor a period of three months without charge; enabling employers to refund thefees of issued work visas that were not used during the ban on entry and exit,even if they were stamped in the passport, or extend them for a period of threemonths without charge; enabling employers to extend exit and re-entry visasthat were not used during the ban on entry and exit from the Kingdom for aperiod of three months without charge.
