The Kingdom plans to switch spending to sectors that are most affected by the epidemic and boost money for health services/Bloomberg
by BloombergSaudi Arabia has unveiled a series of measures that would enable companies to redirect SAR 120 billion ($32 billion) as they struggle to combat the impact of the coronavirus pandemic.
The ministry of finance said that it would exempt the private sector from some government fees and delay other payments, for now saving firms SAR 70 billion. The steps will also allow businesses to delay value-added tax payments for three months.
In a statement, the ministry of finance said that the government ‘has the ability’ to diversify its sources of financing between public debt and reserves, enabling it to face the current challenges. The Kingdom plans to switch spending to sectors that are most affected by the epidemic and boost money for health services.
MOST READ
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
