Saudi Arabia's $53 Billion Non-Oil Stimulus May Last Beyond 2021 - Bloomberg:
Saudi Arabia’s 200 billion-riyal ($53 billion) lifeline to its non-oil economy may be in place for longer than planned as the kingdom supports industries struggling to cope with reforms that pushed up costs and dampened demand.
The program is earmarking 36 billion riyals to boost private-sector growth this year, on top of the 40 billion riyals already spent, according to Naif Al-Rasheed, managing director of the Private Sector Stimulus Office. The financing could continue beyond the original planned end date of 2021, according to Al-Rasheed, who’s in charge of allocating the money and monitoring its effectiveness.
“The office has a long-term mandate to continuously support the private sector through economic cycles,” Al-Rasheed said in his first news media interview. Until now, Saudi Arabia hasn’t provided the breakdown of how it planned to deploy the stimulus.
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