Saudi Arabia is taking precautionary financial measures tocounter the effects of coronavirus in view of the economic consequencesof the global epidemic, Saudi Press Agency (SPA) reported quoting Minister ofFinance Mohammed Al-Jadaan.
The Finance Minister said the government has takenmeasures to lessen the impact of low oil prices, and additional steps will betaken to deal with the expected drop in prices.
Al-Jadaan, who also serves as Minister of Economy andPlanning, said that the government worked on ensuring the provision of thefinancial requirements necessary to implement the preventive and directmeasures to deal with the consequences of the epidemic and limit its spread,and also to protect government installations and agencies, ensuring the continuityof its work.
The minister stressed that the government will provide allthe additional credits required, and the necessary health services forprevention, treatment and non-proliferation of coronavirus.
He reiterated the government's keenness on prioritizingsocial spending, and reorienting government spending with emerging social andeconomic requirements.
Al-Jadaan said the government has approved a partialreduction in some items with the least social and economic impact, and the sizeof the partial reduction in those items has reached approximately 50 billionriyals (which represents less than 5 percent of the total expenditures approvedin the budget for the year 2020).
He also affirmed the strength of the government's financialposition, as it maintained huge reserves and assets that enable it to deal withemerging challenges, and reduce the impact of such crises on its goals ofmaintaining financial sustainability and economic stability in the medium andlong term.
Al-Jadaan confirmed that given the possibility of thecontinuation or exacerbation of the effects of the spread of the virus and itsconsequences on the global economy, the developments will be reassessed, itemsof expenditures reviewed and appropriate decisions taken in a timely manner.
The government will continue to raise the efficiency offinancial and economic performance so that it can maintain the financial andeconomic gains that have been made till now, he added.
