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Saudi Arabia plans to cut $13.32bn of 2020 budget to combat COVID-19

The government is working on preliminary measures to provide financial assistance to implement preventive measures

The cut implies to the areas with least social and economic impact in the kingdom [representational]
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The cut implies to the areas with least social and economic impact in the kingdom [representational]

Saudi Arabia has announced that it plans to slash $13.32bn (SAR50bn), which accounts to less than 5% of its 2020 budget in a move to combat the spread of the novel coronavirus (COVID-19) pandemic and reduce the impact of lower oil prices.

In an Arabic language statement, the Saudi Press Agency, quoted the kingdom’s minister of economy and planning and minister of finance, Mohammed Al-Jadaan, who revealed that the cut implies to the areas with least social and economic impact.

Al-Jadaan added that the government has been working on preliminary measures to provide financial assistance to implement preventive and direct measures to deal with the consequences of the epidemic and limit its spread.

He stressed that the government will also provide the necessary allocations and health services to control COVID-19.

The statement further revealed that Saudi Arabia has a solid financial position due to the huge government assets and reserves that will help it deal with the emerging and maintain financial sustainability and economic stability in the medium and long term.

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May 31, 2020