Saudi Arabia Will Give Cash to Poorer Citizens Hit by Austerity
- Kingdom’s cash transfer program scheduled to start on Dec. 21
- Smooth implementation key to avoid shock to citizens, economy
A woman browses food products in a grocery store in Jeddah, Saudi Arabia, on Sunday, Aug. 6, 2017.
Photographer: Tasneem Alsultan/BloombergThis article is for subscribers only.
Saudi Arabia will begin cash transfers to low- and middle-income citizens this month, part of efforts to cushion the blow for families as the kingdom overhauls its oil-dependent economy.
Monthly cash payments will start on Dec. 21 to compensate Saudis affected by measures including subsidy cuts and new taxes, officials said Tuesday. The cabinet approved the so-called Citizen’s Account program, which will be reviewed quarterly, at the same time it ratified changes to the prices of fuel and electricity, planned for the first quarter next year.