King Salman approves $5.32 billion to help affected citizens
Saudi arabia– King Salman of Saudi Arabia approved the distribution of SR20 billion ($5.32 billion) on Monday in a royal decree to assist the country’s inhabitants in reducing the effects of rising global costs. The Citizen Account Program and social insurance beneficiaries will each receive half of the budgeted amount.
Prior to this, Crown Prince Mohammed bin Salman underlined the importance of concentrating on the Kingdom’s most vulnerable inhabitants in light of the rising cost of various essentials while presiding over a meeting of the Council of Economic and Development Affairs. According to the Saudi Press Agency, he emphasized the crucial roles played by ministries and government organizations in keeping track of global trends.
It covers concerns with food supply chains, market monitoring, product availability, and pricing ranges, as well as challenges with protecting and promoting fair competition and battling and preventing monopolistic behaviors that harm honest competition or the interests of consumers.
The council discussed many economic and development problems at its meeting in Jeddah. In a combined presentation, the ministries of trade, environment, water, agriculture, economy, and planning discussed the ranges of prices for various goods in the Kingdom.
The council was also informed by the Health Ministry about the latest coronavirus illness developments. Updates on vaccination administration and the decision to lift the COVID-19 precautionary measures were both included in the ministry’s presentation. The council was also given a briefing on the Hajj preparations for this year and the global epidemiological situation.
The highest body also reviewed the periodic presentation that the Ministry of Economy and Planning had submitted, which included an appraisal of economic activity and the pandemic’s effects. According to SPA, the council has adopted the required recommendations regarding these issues.
Saudi Arabia is anticipated to have lower inflation rates in the near future, according to a new OEC&D prediction, at a time when the world’s economy is struggling due to an increase in the price of commodities and food.
The OECD predicted that Saudi Arabia’s GDP would increase at a rate that was more than twice as fast as that of the other G20 nations. According to the OECD’s economic projection, the Saudi economy would increase by 7.8 percent in 2022, while the G20 economies are predicted to grow by 2.9 percent.
According to the most recent information provided by the General Authority for Statistics, annual consumer inflation in Saudi Arabia decreased from 2.3 percent in April to 2.2 percent in May.
According to data gathered by Arab News, the decline in the price of miscellaneous products, transportation, and apparel and footwear is primarily to blame for the decrease in overall inflation. According to GASTAT, the two largest contributors to the CPI inflation in May were food and drinks (+4.2%) and transportation (+4%)