Saudi Arabia releases SAR 2 bln under Citizen’s Account program

Saudi Arabia has released the first installment of the Citizen’s Account Program at SAR 2 billion for 82 percent, or 10.6 million, of the registered beneficiaries, according to a statement on the official Saudi Press Agency (SPA).

Fifty percent of the eligible families received allowances at SAR 938 on average per family, the news agency reported, citing Minister of Labor and Social Development Ali bin Nasser Al-Ghafis.

The next monthly installment will be transferred on January 10.

The first payment to eligible Saudi citizens was released at SAR 300 per person or family. The amount of the state subsidy depends on the family's income, size and the age of members. Beneficiaries above 18 years of age will receive about 50 percent of the support, while those under 18 will be paid about 30 percent.

Those registered before November 9 will be included in the first phase of payment; those registered between November 9 and December 16 will be in the second phase; and those registered after December 16 will be included in the third phase.

According to the regulations, the payment from the Citizen’s Account will continue for five years, but will be reviewed after six months.

The Citizen’s Account is a national cash-transfer program, aimed at protecting Saudi families from the direct and indirect impact of the government’s structural economic reforms through providing direct monetary allowances.