According to the Saudi press agency, King Salman, who is the Custodian of the Two Holy Mosques has confirmed that SR 1.85 billion (which is equivalent to $492.4 million) shall be distributed under the “Ramadan aid”.
The scheme would work in a manner where the head of the family would be granted with SR 1,000 and the dependents are entitled to receive SR 500.
The amount will be credited to the bank accounts of all social security beneficiaries. Social Security beneficiaries are those people who have been receiving help from GOSI.
This is a relief package that has been initiated in Saudi Arabia because of economic and social distress caused by the outbreak of the Coronavirus along with the oil price crash in the international market.
The government in order to support the nationals, has already distributed approximately SR1.2 billion ($319 million) to more than 400,000 Saudi nationals. These were the nationals who were working in private companies that were most affected by the pandemics.
Moreover, the news confirms that the ministerial committee is working on all types of financial benefits that are being paid to public sector employees and contractors. The committee shall submit the report of recommendations within 30 days.
Earlier this week, the Saudi Government announced to increase the value-added tax from 5% to 15% to support the government against falling oil prices. The oil price has reduced to $30 per barrel from the pre-coronavirus price of $65.
Source: Saudi Gazette