Saudi Arabia’s Citizen Account Program deposits $506mln for June

Program has paid out $26.05bln since launch in 2017

  
Image for illustrative purposes. A Saudi man poses with Saudi riyal banknotes at a money exchange shop, in Riyadh, Saudi Arabia January 20, 2016.

Image for illustrative purposes. A Saudi man poses with Saudi riyal banknotes at a money exchange shop, in Riyadh, Saudi Arabia January 20, 2016.

REUTERS/Faisal Al Nasser
 
RIYADH: Saudi Arabia’s Citizen Account Program deposited SR1.9 billion ($506 million) into the accounts of 10.4 million beneficiaries for June, in its 43rd batch, SPA reported.

The total compensation paid retroactively for the previous payment stood at about SR39 million.

The total compensation paid by the program since its launch in December 2017 amounted today to SR97.7 billion, including SR773 million as compensation for previous payments, said program spokesman Sultan Al-Qahtani.

Al-Qahtani said that 77 percent of the beneficiaries received support in this batch, and the average support for one family was SR1,054.

Men reached 92 percent as heads of household while women reached the remaining 8 percent, he added.

The national scheme aims to protect Saudi households from the direct, indirect and expected impacts of the various economic reforms taking place in the Kingdom through monthly cash transfers into their accounts.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From GCC