Saudi Arabia announced to spend 2 billion riyals on securing food supply in Coronavirus crisis – Research Snipers

Saudi Arabia announced to spend 2 billion riyals on securing food supply in Coronavirus crisis

The agriculture development fund of Saudi Arabia said that the government of the kingdom has allocated 2 billion Saudi riyals to fund importing agriculture products and secure food supplies due to the fears of the coronavirus.

According to the statement issued by the fund, the initiative, which will be carried out through a mixture of direct and indirect loans, will target in its first phase products including rice, sugar, soybeans, and yellow corn.

Other products will be added according to market needs and for food security.

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This initiative by the government of Saudi Arabia targets to meet the development priorities and economic needs with the urgent initiatives approved by the government of Saudi Kingdom to address the impacts of the deadly virus.

Another goal is to “mitigate the expected economic impacts on private sectors and economic activities, including the agricultural sector,” the statement by the agriculture development fund of Saudi Arabia added.

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