The Custodian of the Two Holy Mosques allocates $5.3 billion to face the repercussions of rising global prices

Custodian of the Two Holy Mosques King Salman bin Abdulaziz issued a royal order approving the allocation of financial support in the amount of 20 billion riyals ($5.3 billion) to face the repercussions of rising prices globally, of which 10.4 billion riyals ($2.7 billion) were allocated as direct cash transfers to support social security beneficiaries, and a program The Citizen’s Account and the Small Livestock Breeders Support Program, with the rest of the amount allocated to increase strategic stocks of basic materials and ensure their availability.

This directive comes from the keenness and interest of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, for his sons, male and female citizens, in order to protect the deserving families from the repercussions of the effects of the global price hikes, and based on what was submitted by Prince Muhammad bin Salman bin Abdulaziz, Crown Prince, Vice President The Council of Ministers, Chairman of the Council of Economic and Development Affairs, in light of the study of the Council of Economic Affairs under its chairmanship of developments in the economic conditions in the world and ways to protect the sons and daughters of the nation from deserving families from being affected by its repercussions,

The order of the Custodian of the Two Holy Mosques included allocating an amount of two billion riyals ($533.3 million) to disburse an additional one-time pension to those entitled to social security for the current fiscal year 2022, and reopening registration with the Citizen Account Program in accordance with previously announced controls.

It also included allocating 8 billion riyals ($2.1 billion) as additional financial support to the beneficiaries of the Citizen Account program for the end of the current fiscal year, according to previously announced controls, and allocating 408 million riyals ($108.8 million) as financial support to the beneficiaries of the small livestock program.

The support for social security beneficiaries, the citizen’s account, and the reopening of the application for the program again comes in a desire to support some groups and accommodate other segments who qualify for eligibility, as the support decisions taken by the government towards families eligible for social security and the citizen’s account came with a desire to support these groups because they are the most in need. This direct support in light of the global price hikes.

The application for the Citizen’s Account Program has also been reopened, which will provide the opportunity for eligible families to benefit from direct support amounts, thus contributing to alleviating their vulnerability to the repercussions of high international prices. The government support decisions issued by the Custodian of the Two Holy Mosques, based on what the Crown Prince submitted, took into account small livestock breeders to help them cope with the rise in feed prices.

The allocation of 10 billion riyals ($2.6 billion) to increase strategic stocks of basic materials to deal with the rise in prices globally, which reflects the leadership’s foresight of the dimensions of the current crisis, which makes this step a stabilizing factor in light of the existing possibilities of the continuity of the crisis at the foreseeable level.

The approval of the Custodian of the Two Holy Mosques on what the Crown Prince submitted to allocate support to social security beneficiaries came as an extension of the interest that the Saudi government gives to this segment of society to help it face the repercussions of global prices.

The support allocated to social security beneficiaries also comes within a package of government subsidies that came in response to the rise in international prices and reduce their impact on families eligible for support, which will help the beneficiaries meet their basic needs, in the belief of the Saudi leadership and its responsibility towards its citizens from eligible families. The support will include All beneficiaries of social security in the old and developed systems whose eligibility has been announced since this June.

At the same time, the Custodian of the Two Holy Mosques’ approval of what the Crown Prince submitted to allocate additional support to those registered in the citizen’s account was an extension of the concern for families most in need of support to help them face the repercussions of rising global prices.

The approval of reopening the registration in the Citizen’s Account Program also came to expand the circle of those eligible for the allocated support who meet the eligibility conditions. The Citizen Account Program has proven highly efficient as it is one of the ideal tools for directing support to the deserving; Its use to face the repercussions of global prices now comes after the success achieved since its approval in alleviating families’ vulnerability to some economic reforms.

The mechanism for directing the amount of additional support in the Citizen’s Account Program depends on the criteria of families’ size and income, based on the principle of achieving social justice in directing the highest support to the neediest families, while opening the way to add new beneficiaries after reopening the registration door.