Banque Saudi Fransi: Flash Note: Reaching out : Saudi King unveils string of social benefits, debt write-offs

[Nawaf Abu-Hejleh]

FYI

 Nawaf Y. Husein

 Faculty Member
 Msc, CRP , CLBB
 Saudi Training Society Member

 Institute of Banking
 Saudi Arabian Monetary Agency ( SAMA)
  P.O.Box : 10820   Riyadh 11443 Saudi Arabia
 Tel : + 966 1 463 3000   Ext. 3825
  Fax: + 966 1 466 2368
  Mobile : + 966 55 48 44 828

  SKYPE : abuhejleh2      



 

Dear all,

 

Saudi King Abdullah unveiled on Wednesday a string of financial support measures, estimated to cost SR135 billion ($36billion), to support citizens through new unemployment benefits that stand to help youth facing double-digit joblessness rates; expansions in social security safety nets set to target lower income Saudis; and substantial funds allocated to writing off debts of deceased borrowers and prisoners.

 

The royal order, which includes 19 components, strives to promote job creation, expedite the supply of housing, and improve funding for education, charity associations, cultural and sporting clubs, and professional associations.

 

In this flash note, ï؟½Reaching out: Saudi king unveils string of social benefits, debt write-offsï؟½, we detail many of the key components of the kingdomï؟½s financial support plan for citizens, which coincide with escalations in popular unrest across the Arab world. For our detailed study on the challenges facing Saudi Arabia in labour and education reform, released last week, please click here.

 

 

Kind regards,

 

John Sfakianakis

Chief Economist