Coronavirus: King Salman issues new economic initiatives to support private sector

King Salman Holds Luncheon on honor of Kuwait Prime Minister

Saudi Arabia’s King Salman bin Abdulaziz issued a new order approving a package of economic initiatives to support the private sector during the coronavirus pandemic, Saudi Press Agency (SPA) reported.

The stimulus package will include exemptions, relief measures, and accelerating payment of dues, SPA said.

The new initiative comes as an extention to King Salman’s royal order to disburse 9 billion riyals ($2.4 billion) to pay part of the wages of private-sector employees to deter companies from laying off their staff, which was issued earlier this month, according to SPA.

The Kingdom has also previously launched a 120 billion riyal ($31.9 billion) stimulus package, as well as other initiatives to mitigate the effects of the coronavirus on the economy.

Saudi Arabia has reported 5,369 confirmed cases of the coronavirus and 73 virus-related deaths so far.

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