Saudi Welfare Program To Ease Impact Of 80% Fuel Price Hike

23 Dec 2017   Saudi Arabia

Saudi Arabia on Thursday made the first payment totaling US$533 million (2 billion riyals) as part of its new household allowance program that reaches 10.6 million beneficiaries, before it starts raising food and gasoline prices. Known as the Citizens Account, the allowance scheme is a national cash transfer program that was first announced by the Government in December 2016 and opened for registrations in February 2017, according to the official Saudi Press Agency (SPA). The allowance is aimed at easing the direct and indirect impact of the gasoline and electricity price hikes, and the VAT increase on food and beverages. Saudi Arabia made bank transfers on Thursday to around 3 million households , for a total of 10.6 million beneficiaries, according to Saudi Minister of Labor and Social Development, Ali al-Ghafees. Some 20 percent of the applicants did not qualify to get allowances. Last week, officials at the Saudi […]

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