Al-Jadaan: Saudi GDP records highest increase in five years

Al-Jadaan: Saudi GDP records highest increase in five years
Al-Jadaan: Saudi GDP records highest increase in five years

We show you our most important and recent visitors news details Al-Jadaan: Saudi GDP records highest increase in five years in the following article

Hind Al Soulia - Riyadh - Saudi Gazette report

RIYADH — Minister of Finance Muhammad Al-Jadaan announced that the government is carrying out intensive studies to restore the economy back on track if health conditions permit.

Addressing a press conference here on Wednesday, he said that the government continued to control the public finances, which achieved the targets by the end of 2019, and also achieved their goals in increasing non-oil revenues by 13 percent last year.

Al-Jadaan said that this growth came in line with a healthy economic activity that resulted in a jump in the gross domestic product (GDP), posting the largest increase in five years.

Al-Jadaan said that the measures taken by the Kingdom to support the private sector and the non-oil sector were led by Crown Prince Muhammad Bin Salman, who is also chairman of the Council of Economic and Development Affairs.

He said that the Kingdom has reserves that are the third in the world in terms of the value of reserves.

In the beginning of the coronavirus crisis, Custodian of the Two Holy Mosques King Salman had instructed to form teams to deal with this crisis and ensure the safety of people, including citizens and expatriates, and provide free treatment for all of them.

The press conference focused on the initiatives announced by the government to mitigate the effects and implications of the pandemic on the private sector as well as on the national economy.

Recently, a number of government agencies announced a package of measures and initiatives that exceeded SR70 billion in value, in terms of exemptions and postponement of some government dues which aim to provide liquidity to the private sector so that it can be used to manage its economic activities.

This came in addition to the SR50 billion support program announced by the Saudi Arabian Monetary Authority (SAMA) for banks, financial institutions and SMEs.

In addition, the government would pay through the (Saned) system 60% of the salaries of Saudi private sector labors with a total value of SR9 billion covering three months for those registered with the General Organization for Social Insurance (GOSI), not to mention recently announced economic measures, consisting of support, exemption, and expediting payment of private sector dues with a value of SR50 billion.

Government agencies have worked on delivering these initiatives and measures to mitigate the impact of this global pandemic.

In this regard, a web page was launched to include all initiatives announced by the government agencies to promote the ongoing effective engagement of the private sector and its labors in Saudi Arabia's economy ecosystem.

This page allows direct access to each initiative, its definition and how to benefit therefrom, and can be accessible through visiting the below link:

https://initiatives.financialsector.gov.sa/Pages/default.aspx .


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