Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline||SAR3,700,000,000||USD986,666,667|
|01A - Short-term lending info_outline||SAR3,700,000,000||USD986,666,667||
(i) No amount/estimate: Extending working capital finance to corporates in affected sectors to address short term liquidity requirements; (ii) June 16, SAR3.7 billion from The Saudi Industrial Development Fund (SIDF) to support private sector industrial enterprises. The scheme will support small and medium enterprises within the industrial sector by deferring or restructuring their loans and by offering a line of credit to finance up to three months of operating expenses.
|01B - Support policies for short-term lending info_outline|
|01C - Forex operations info_outline|
|02 - Credit creation info_outline||SAR69,200,000,000||USD18,453,333,333|
|02A - Financial sector lending/funding info_outline||SAR63,200,000,000||USD16,853,333,333||
(i) SAR13.2 billion in loans to SMEs provided through banks; (ii) June 1, SAR50 billion injection by the Saudi Arabian Monetary Agency to enhance liquidity in the banking sector and enable it to continue its role in providing credit facilities to all its clients from the private sector, including the role of banks in supporting and financing the sector.
|02B - Support policies for long-term lending info_outline||
No amount/estimate: March 16, Reduction of the repo rate by 75bps from 1.75% to 1% and the reverse repo rate by 75bps from 1.25% to 0.5%.
|02C - Loan guarantees||SAR6,000,000,000||USD1,600,000,000||
SAR6 billion loan guarantee program.
|03 - Direct long-term lending info_outline||SAR30,670,000,000||USD8,178,666,667|
|03A - Long-term lending info_outline|
|03B - Forbearance||SAR30,670,000,000||USD8,178,666,667||
(i) March 29, Encouraging banks to restructure loans without any charges; (ii) SAR30 billion for banks and financing companies to delay the payment of the dues of the financial sector (banks and finance companies) from SMEs for a period of six months as of its date; (iii) No amount/estimate: May 14, Banks have been instructed to delay payments of loans extended to all Saudi employees by three months without extra fees, to provide financing needed by customers who lose their jobs and to exempt customers from various banking fees; (iv) July 15, SAR670 million to help businesses defer loan installments due this year amid economic uncertainty caused by the COVID-19 pandemic. On September 1, this program was extended until December 14. [update]
|04 - Equity support info_outline|
|05 - Government support to income/revenue||SAR57,165,000,000||USD15,244,000,000|
|05A - Health||SAR47,265,000,000||USD12,604,000,000||
(i) Total of SAR47 billion in resource support to the health sector; (ii) April 26, The government signed a SAR265 million contract to import 9 million tests needed for COVID-19 diagnosis.
|05B - Non-health||SAR9,900,000,000||USD2,640,000,000||
(i) April 3, SAR9 billion to to cover 60% of the salaries of Saudi staff in companies under stress for the next three months; (ii) SAR0.9 billion in temporary electricity subsidies to commercial, industrial, and agricultural sectors; (iii) No amount/estimate: Expat fees cancelled for three months; (iv) No amount/estimate: Payment deferral for VAT, excise tax, income tax, government service fees and municipal fees; (v) No amount/estimate: Exemptions from various fees for electronic transactions, balances below the minimum, and refinancing operations and termination of existing agreements; (vi) No amount/estimate: May 14, 30% discount on electricity bills while offering the possibility of payment deferral.
|06 - Budget reallocation info_outline||SAR50,000,000,000||USD13,333,333,333||
SAR50 billion worth of government spending to be reallocated from non-priority areas of the 2020 budget.
|07 - Central bank financing government|
|07A - Direct lending & reserve drawdown|
|07B - Secondary purchase: government securities|
|08 - International Assistance Received|
|08A - Swaps info_outline|
|08B - International loans/grants|
|08B1 - Asian Development Bank|
|08B2 - Other|
|09 - International Assistance Provided|
|09A - Swaps info_outline|
|09B - International loans/grants|
|10 - No breakdown||SAR70,000,000,000||USD18,666,666,667||
(i) March 20, SAR70 billion private sector support package, including the suspension of government tax payments, fees, and other dues to provide liquidity to the private sector and an increase in available financing through the National Development Fund.
|11 - Other Economic Measures||
(i) No amount/estimate: April 25, Increase of the monthly ceiling limit for e-wallets up to SAR20,000, with the goal of boosting digital payment transactions; May 11: (ii) Decided to stop the cost of living allowance starting from June 2020; (iii) Raised the value-added tax rate from 5% to 15% starting July 1; (iv) May 13, Announced the extension of the program of support for fees of sales points and e-commerce for all stores and private sector establishments for an additional three months ending on September 14, 2020; (v) No amount/estimate: July 1, the Ministry of Environment, Water and Agriculture announced it will offer 94 agricultural investment opportunities to the private sector in the near term.
|12 - Non-Economic Measures||
(i) April 6, Nighttime curfew in various cities including Mecca and Madina; (ii) Restrictions on international and domestic travel; (iii) Closing mosques, schools, universities, and shopping malls; (iv) Suspending employee attendance at government and private workplaces; (v) Increasing mass testing; (vi) The Ministry of Hajj called on countries to delay their bookings for the 2020 Hajj season. On June 22, the Saudi authorities announced that only a “very limited” number of people who are living in the kingdom are allowed to take part in the 2020 Hajj pilgrimage in July; (vii) April 22, Launch of a repatriation program for expatriates; (viii) April 26, partial lifting of the curfew in all regions, except in Mecca and previously isolated neighborhoods; (ix) 28 May, the curfew will be eased to be from 3pm to 6am and will be entirely lifted on 26 June except for Mecca where it will be over 3pm-6am only from 21 June; (x) The all clear phase will start on June 21, when all curfew restrictions will be completely lifted and the situation will be allowed to return to normal throughout the country (as it was before the curfew procedures), except in the city of Makkah; (xi) The curfew in Jeddah was reinstated for 15 days starting from June 6; (xii) July 5, a Royal decree extended the validity of visit visas and expired residency, and exit and entry visas for expats for an additional period of 3 months; (xiv) July 23, the authorities announced the opening of land borders with Kuwait, Bahrain and the UAE so that Saudi citizens could enter without a prior authorization.