Despite the continuation of the Corona virus crisis locally and globally, and the Kingdom’s institutions being busy with plans to combat it and curb its spread, the wise government has not ignored the State’s economic affairs, giving it attention, care, time and effort, which help it face the repercussions of the crisis, and get over its negative effects with minimal losses.
During the past hours, the private sector institutions obtained exceptional support from the State, to help them continue their activities at the usual pace. Recently, these institutions obtained a historical package of incentives, with a financial value of about 120 billion riyals, targeting small and medium enterprises most affected by the consequences of the Corona crisis. These incentives consisted of exemptions and postponements of some government dues, and financial support programs to provide necessary liquidity to the private sector institutions, so that they can use them to activate their economic activities and programs.
The support march did not stop there. Yesterday, the same scene was repeated, when the Ministry of Human Resources and Social Development announced seven financial and systemic initiatives to meet the actual needs of the private institutions, as if achieving what the owners of these institutions hoped for at this time in particular.
It can be emphasized that the seven initiatives showed the State’s interest in the future of the private sector, and alleviating its burdens institutions as much as possible. Perhaps the one can notice the features of this keenness in the content of the initiatives that focused on lifting the suspensions of "wage protection, correcting activity, and non-payment of fines collected", as well as calculating the employment of the Saudi citizen in Nitaqat immediately, stopping fines related to recruitment, and allowing the secondment of employees through the "Ajeer" program to facilitate work procedures and reduce workload burdens for the affected sectors and assist the sectors with demand.
The successive support programs for the private sector reflect the State’s keenness to look to the future, and the importance of preparing for tomorrow. The Kingdom realizes that the Corona virus crisis will come to an end one day, and the economic institutions will keep running after that to restore their usual activity. The Kingdom does not want these institutions to be left behind, or lose their enthusiasm, determination and ability to recover, and hence this extensive and comprehensive support should have come in its gigantic form.
In addition, the Kingdom is well aware that this sector is the main driver of the growth and prosperity process, in addition to its great history in reinforcing the economic development in the Kingdom, and providing job opportunities for the youth of both sexes. It is well aware that any support to this sector is directed - therefore - to the citizens. Today, the standing of this sector is high, as the State relies on its institutions a lot to achieve the goals of Vision 2030, to be one of the income sources in the country.