Saudi Arabian Monetary Authority (SAMA) announced a plan of action worth about SR50 billion, in the first phase, aiming to provide the private sector with aid, in order to consolidate its role in bolstering the national economic growth, through a program package of measurements, including supporting small and medium size establishments' funding. The move of SAMA falls in line with responding to the government exerted efforts to combat the financial and economic fallouts of Covid-19 Pandemic on the private sector establishments, in furtherance to SAMA's paramount role in activating the monetary policy tools, cementing the fiscal stability and protecting the private sector activities, especially the micro, small and medium size enterprises' sector and to maintain their activities' continuity. The program consists of three main components aim at mitigating the fallout of precautionary measurements to combat Coronavirus on the micro, small and medium size establishments sector, namely to mitigate the burdens of monetary flow fluctuation, backing up the standing and working capitals, in the sector, and enabling it to grow, during the next period, to contribute in supporting the economic growth and maintain the levels of employment, in the private sector. SAMA sponsored program was also highlighted in delaying repayments by depositing about SR30 billion for the banks and funding companies against delaying repayments to the financial sector (banks and funding companies) dues by the small and medium size sector, for 6-month with immediate effect, and a program for funding lending and crediting through providing affordable financing for micro, small and medium size establishments, worth SR13.2 billion.
