$40bn transferred from SAMA's FX reserves to PIF, says Saudi finance minister

Mohammed Al-Jadaan, the Minister of Finance and acting Minister of Economy and Planning. (AFP/File Photo)
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Updated 29 May 2020

$40bn transferred from SAMA's FX reserves to PIF, says Saudi finance minister

  • Transfer to PIF was carried out after an in-depth consultation

LONDON: SAR150 billion ($40 billion) were transferred from the Saudi Arabian Monetary Authority’s foreign exchange reserves to the Kingdom’s Public Investment Fund (PIF) in March and April, Finance Minister Mohammed Al-Jadaan said on Friday.

The government will continue to implement development plans to diversify the economy, increase local content and support private sector growth, Al-Jadaan, who is also acting minister of economy and planning, said in a statement released by the Saudi Press Agency.

This will happen either through the state’s general budget or through the role played by the development funds and the PIF to improve economic performance and enhance the return on the Kingdom’s assets, he added.

The transfer to the PIF was carried out after an in-depth consultation and in consideration of the adequacy of foreign exchange reserves, Al-Jadaan said.

Decisions to gradually reopen economic activities represent a new stage in the face of the coronavirus pandemic and toward a gradual return to normal economic activity, he added.

Al-Jadaan said the government had increased — during the last period through the budget — spending on urgent and necessary requirements to face the coronavirus crisis, and in doing so had significantly strengthened the financial allocations for the health and related services sector.

The decision to restart some sectors had been made with the advice of health professionals and guidelines at every stage of the plan to resume economic activities, he added.

The return of activities to their previous levels largely depends on the level of commitment by all, Al-Jadaan said, adding that the move is in line with economies reopening worldwide.


Pilgrims to quarantine for 14 days after Hajj

More than 41,361 polymerase chain reaction (PCR) tests have been conducted in the past 24 hours. (SPA)
Updated 04 August 2020

Pilgrims to quarantine for 14 days after Hajj

  • COVID-19 cases in Saudi Arabia continue to fall, officials say

JEDDAH: Pilgrims who took part in this year’s Hajj must continue wearing electronic tags so authorities can track their 14-day quarantine once they return home.

The bracelet is designed to monitor pilgrims’ adherence to quarantine, as well as monitoring and recording their health status through the “Tatamman” app.
Pilgrims were required to quarantine before embarking on the Hajj and wore the bracelets to ensure they were obeying the self-isolation rules as part of strict measures to contain the spread of coronavirus.
The country continues to experience a decline in COVID-19 cases. Recorded infections remain below the 2,000 mark for the 10th day in a row. The Kingdom reported 1,258 new cases of COVID-19 on Monday, raising the number of those infected to 280,093 so far.
There are currently 35,091 active cases and six patients were admitted to critical care units, raising the number to 2,017. There were 32 new fatalities, raising the death toll to 2,949.
There were 1,972 new recoveries recorded, raising the total number of recoveries to 242,053.
More than 41,361 polymerase chain reaction (PCR) tests have been conducted in the past 24 hours. The total number of PCR tests conducted to date exceeds 3.47 million.

INNUMBERS

280,093 COVID-19 cases

242,053 Recoveries

35,091 Active cases

2,949 Total deaths

3.47m PCR tests

The Ministry of Health has been carrying out daily visits to health institutions in order to assess their level of commitment to anti-coronavirus measures, such as ensuring that staff adhere to social distancing, wear masks, and adopt the health practices and crisis management mechanisms recommended by authorities to protect patients and staff.
Teams have been dispatched to supervise the compliance of health facilities’ quarantine centers across Saudi Arabia and stepped up their visits to government and private hospitals to ensure their compliance with health protocols, sample transfers and staff testing as well as ensuring that all routine surgeries are stopped.
More than 5,000 violations have been recorded and violators were referred to committees. More than 150 facilities were temporarily shut down by the ministry until the proper protocols were implemented and the violations were fixed. A number of institutions were able to resume operations after settling fines.