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Saudi to hand out billions to ease inflation pain

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The Saudi government is handing out billions to ease inflation pain. Photo: The News/File
The Saudi authorities is handing out billions to ease inflation pain. Photo: The News/File

RIYADH: Saudi Arabia introduced Monday it was disbursing billions of {dollars} immediately to residents to ease the results of inflation amid rising on-line expressions of frustration over rising costs.

“A generous royal order was issued approving the allocation of financial support in the amount of 20 billion riyals (around $5.3 billion) to face the repercussions of rising prices globally,” the official Saudi Press Agency reported, attributing the choice to King Salman.

Roughly half that quantity would come through direct money transfers to social safety beneficiaries, the SPA report mentioned.

Earlier on Monday, Crown Prince Mohammed bin Salman “stressed the need to take into account the neediest citizens in the face of international developments that resulted in rising costs of some basic needs”, a separate SPA report mentioned.

Chairing a gathering of the dominion´s financial affairs council, Prince Mohammed, the de facto ruler, reportedly made the purpose that authorities workplaces should reply to world provide chain points and rising costs to shield shoppers´ pursuits.

Saudi Arabia, the world´s high oil exporter, has not been hit as exhausting by inflation as different international locations within the area.

The most up-to-date client worth index for Saudi Arabia confirmed an annual enhance of two.2 p.c in May, with costs up 4.2 p.c for meals and drinks and 4 p.c for transport.

Nevertheless, the dominion´s tightly managed social media panorama has featured extra frequent griping about rising costs in latest weeks, together with Twitter hashtags calling for a boycott of eggs and a well known dairy firm.

Saudi Arabia´s economic system has typically carried out nicely this yr, particularly since Russia´s invasion of Ukraine despatched vitality costs hovering.

GDP is anticipated to develop by 7.6 p.c in 2022, the International Monetary Fund mentioned in April.

In early May, the Gulf monarchy reported its quickest financial progress charge in a decade, as a surging oil sector fuelled a 9.6 p.c rise within the first quarter over the identical interval of 2021.

Saudi Arabia´s announcement got here because the United Arab Emirates equally mentioned it was doubling the finances for its social safety programme to 28 billion dirhams (about $7.6 billion) after an increase in gas costs.

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