Covid-19: 120b riyals Saudi package for private sector

Covid-19: 120b riyals Saudi package for private sector

Government implements urgent measures to mitigate impact of coronavirus.. Saudi Arabia government announced a 120 billion riyals stimulus package to mitigate the economic effects of the novel coronavirus (Covid-19) outbreak in the country.. Also read: Fees reduced, cancelled in Abu Dhabi stimulus package. , the Minister announced that the government has prepared urgent initiatives to support the private sector, especially small and medium enterprises and economic activities most affected by the virus.. The financial stimulus package of these initiatives reaches more than 70 billion Saudi riyals, which consists of exemptions and postponement of some government dues to provide liquidity to the private sector thereby enabling them to manage continuity of their economic activities.. , SAMA has announced a package of 50 billion riyals, to support the banking sector, financial institutions and SMEs.. - Exemption from expat levy for those whose Iqama has expired from now until June 30, 2020, by extending their Iqama for a period of three months without charge.. - Enabling business owners, for a period of three months, to postpone the payment of value-added tax, excise tax, income tax, and the submission of Zakat declarations and the payment of obligations due therefrom.. , postponing the execution