Citizen's Account: 3 billion riyals deposited to support beneficiaries in May 2024
The Citizen Account Program announced the deposit of 3 billion Saudi riyals into beneficiaries' bank accounts as support for the month of May, as part of the program's 102nd payment. The program clarified that more than 9.8 million primary and dependent beneficiaries met the eligibility criteria for this payment, underscoring the program's continued vital role in supporting Saudi families.
In detailing the payment, Mr. Abdullah Al-Hajri, Director General of Communications for the Citizen Account Program, stated that the total amount disbursed to beneficiaries since the program's launch in December 2017 has exceeded 277 billion Saudi Riyals. He added that the May payment included retroactive compensation amounting to 2.8 billion Riyals. He noted that 71% of eligible recipients received the full support, with the average support per family reaching 1,470 Riyals. The beneficiaries are distributed among more than two million heads of households, representing 85% of the total beneficiaries, in addition to more than 7.4 million dependents.
Historical context and objectives of the Citizen Account Program
The Citizen Account Program is one of the most prominent economic reform initiatives launched by the Kingdom of Saudi Arabia as part of Vision 2030. The program was established with the primary objective of protecting Saudi families from the direct and indirect effects of various economic reforms, such as adjustments to energy and water prices and the implementation of value-added tax (VAT). The program aims to redirect government subsidies to be more efficient and equitable by providing direct cash payments to eligible citizens, instead of the in-kind subsidies that previously benefited everyone regardless of income level.
The economic and social importance of support
Domestically, the monthly support provided by the Citizen Account program plays a pivotal role in enhancing the financial stability of low- and middle-income families. These payments contribute to increasing citizens' purchasing power, which positively impacts economic activity in local markets. Socially, the program provides a social safety net that alleviates the burdens of living and helps families meet their basic needs, thus strengthening social cohesion and family stability. Regionally, through this program, the Kingdom presents a pioneering model for balancing the demands of economic transformation with the necessity of providing social protection for its citizens, which may inspire other countries in the region to implement similar programs.
