Saudi Arabia Begins Payouts to Buffer Belt-Tightening Blow
- Benefits given to 3 million households, 10.6 million people
- Payments promised before new austerity measures next year
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Saudi Arabia paid 2 billion riyals ($533.3 million) to citizens in the first month of a cash transfer program meant to cushion the blow of austerity measures as the kingdom tries to diversify its economy.
About 3 million households received the cash, deposited into the bank accounts of eligible low- and middle-income Saudis on Thursday, the official Saudi Press Agency reported, citing Labor and Social Development Minister Ali Al-Ghafees. Half of the households received the maximum average monthly benefit of about 938 riyals, he said, while the smallest payout was 300 riyals.