Saudi Arabia announces $32 billion support to mitigate coronavirus impact on economy

Saudi Arabia announced on Friday measures exceeding 120 billion riyals ($31.93 billion) to mitigate the impact of the coronavirus outbreak on the economy, state TV said.

The package includes 50 billion riyals to support banks, financial institutions, and small and medium enterprises, it said, citing Finance Minister Muhammad Al-Jadaan.

The package also includes other initiatives to support the economy exceeding 70 billion riyals. ($1 = 3.7577 riyals)