Saudi Arabia Allocates $13 Billion to Aid Coronavirus-Hit Businesses

Published March 15th, 2020 - 09:17 GMT
Saudi Arabia Allocates $13 Billion to Aid Coronavirus-Hit Businesses
Saudi Arabia, with 86 reported infections, said it will suspend all international flights for two weeks from Sunday. (Shutterstock)
Highlights
The funding from the Saudi Arabian Monetary Authority (SAMA) is aimed at granting SMEs six-month deferrals on bank payments, concessional financing and exemptions from the costs of a loan guarantee program.

Saudi Arabia's central bank said on Saturday it had prepared a 50 billion-riyal ($13 billion) package to help small and medium-sized enterprises cope with the economic impacts of the coronavirus outbreak.

The funding from the Saudi Arabian Monetary Authority (SAMA) is aimed at granting SMEs six-month deferrals on bank payments, concessional financing and exemptions from the costs of a loan guarantee program.

Saudi Arabia, with 86 reported infections, said it will suspend all international flights for two weeks from Sunday.

Saudi health ministry spokesman Mohammed Abdelali on Saturday urged the population of 30 million to avoid gathering in public places, minimize movements and stay at home as much as possible.


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