Custodian of the Two Holy Mosques King Salman bin Abdulaziz approved on Monday the allocation of 20 billion riyals to help confront the impact of rising costs around the globe.
The move stems from his keenness on Saudi citizens and aims to protect neediest families as they cope with rising costs, reported the Saudi Press Agency.
Crown Prince Mohammed bin Salman had earlier on Monday stressed the need to take into account the neediest citizens as they grapple with international developments that resulted in rising costs of some basic necessities.
The Crown Prince made his remarks as he chaired a meeting of the Council of Economic and Development Affairs.
According to King Salman’s approval, 10.5 billion riyals will be allocated as direct cash transfers to social security beneficiaries and the Citizen Account program.
The remaining funds will be dedicated to increasing strategic reserves of basic necessities and ensuring their availability.