He also indicated that the initiatives included, too: Forming a committee chaired by the Minister of Finance and the membership of Minister of Economy and Planning, Minister of Commerce, Minister of Industry and Mineral Resources, the Vice Chairman of the National Development Fund and the Governor of the National Development Fund; to undertakes the following:
A - Determining the incentives, facilities and other initiatives led by the National Development Fund or any of its funds and banks, with the aim of alleviating the extraordinary economic situation, in light of the implications of the Coronavirus and the impact of the precautionary measures taken by the Kingdom’s government and the low oil prices, and reviewing them.
B - Determining the design criteria and controls for implementing the initiatives and detailing them.
C - Determine the amounts that will be used to support these initiatives from the funds available at the funds and banks of the National Development Fund, for this purpose and as required.
D - The committee, has to conduct transfers between these funds and banks and between the Saudi Export and Import Bank, as required.
E - The committee directs both Kafala Program and the General Authority for small and medium enterprises to develop the necessary initiatives to support this purpose in this exceptional stage, and to support them from the funds available at the funds and banks of the National Development Fund, as required.
Relating to spending, the minister pointed out that some budget allocations will be directed towards the most needy sectors under the current circumstances, including allocating additional amounts to the health sector, as needed, and allocating an emergency budget to cover any costs that may arise during the developments of this global event, and the government will continue to pay the dues of the private sector, in its due times and within a period not exceeding sixty days, according to what has been worked on, in previous years.
Within the framework of the government's efforts to confront the global economic challenges that have occurred on economic activity and the effects of the emerging Coronavirus, he stated that "The directives of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud were issued to form a number of ministerial committees, with the aim of studying the effects and repercussions of the emerging Coronavirus crisis, its challenges in a number of sectors and regions and studying opportunities to address them with support, motivation or etc., these committees are as following: Energy Committee, Trade, Tourism, Recreation and Sports Committee, Industry and Mineral Resources Committee, Logistics Committee and the formation of ministerial teams to study and identify opportunities for efficiency and savings in spending, in the military, security and civil sectors.
Source: Saudi Press Agency