Minister: Saudi King plan to be covered by reserves
Saudi Finance Minister Dr. Ibrahim Al-Assaf, said that the decisions made by the King Abdullah bin Abdul Aziz Al Saud to pump billions of dollars for development purposes, are designed to serve the citizens. He stressed that they cover all sectors whether the civil service sector, the military or the private sector. According to him, these decisions amount to about SR110 billion (some US$29 billion). In order to cover them there will be a need to use reserves.
He explained that the focus was on the needy classes, pointing out that decisions regarding social security, and decisions regarding the Bank of Credit, all affect the citizens and will have a significant impact with regard to housing or social loans or private loans to create business opportunities for the citizens.
The minister said in a television interview, "The decisions will have an impact in general, but they focus on the poor and needy, supporting the unemployed, the housing sector, support the real-estate fund and the Bank of Credit."
Regarding the Real Estate Fund, the Saudi Minister of Finance said it had served approximately 600 thousand loan since its establishment .