Thursday , July 19 2018

Saudi royal handouts to cost kingdom $13 billion in 2018

Reuters

A package of handouts to Saudi Arabian citizens to compensate them for cost of living increases will cost the government about 50 billion riyals ($13.3 billion) this year, the information minister was quoted as saying on Sunday.
“The allocation of 50 billion riyals for this decree indicates the leadership’s concern for the people’s comfort and quality of living,” Minister of Culture and Information Awwad bin Saleh Alawwad told the Saudi-owned Al Sharq Al Awsat newspaper.
King Salman had ordered a monthly payment of 1,000 riyals to state employees over the year in compensation for the rising cost of living. Pensioners and soldiers will also be given bonuses, while the government will bear the cost of VAT in some situations, such as the first purchase of a home.
Alawwad also repeated previous government statements indicating Riyadh would spend 30 billion riyals this year on the
Citizens Account, a household allowance scheme designed to reduce the impact of austerity policies on low and middle-income Saudi families.

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