The Saudi Central Bank (SAMA) revealed that the government’s initiatives to support private sector financing in order to mitigate the consequences of the Coronavirus outbreak exceeded the 51-billion-riyal (13.60) billion dollars.
According to "SAMA", it launched on March 14, 2020 a program to support the private sector. The total amount of the money benefited from it until the end of last June amounted to about 51.749 billion riyals, exceeding the amount allocated to it of 50 billion riyals.
The program included four main initiatives: the deferred payment program, the secured financing program, the financing guarantee support program, and the point of sale fee support program and e-commerce; It aims to mitigate the effects of the precautionary measures in light of the Coronavirus pandemic on the MSME sector, by reducing the burden of fluctuating cash flows, supporting the working capital of this sector and enabling it to grow during the coming period, and contributing to maintaining employment in the private sector.
The Monetary Agency announced the program last March with a value of about 50 billion riyals, with the aim of supporting the private sector and enabling it to play its role in promoting economic growth, in the context of supporting the state’s efforts to combat the Coronavirus and mitigate its expected financial and economic effects on the private sector, especially on the small and medium enterprises sector.
Source (Al-Arabiya.net website, Edited)