RIYADH: Saudi Arabia’s food security committee has allocated SR10 billion ($2.6 billion) to address the effects of rising global prices, Saudi Press Agency reported, citing the Minister of Environment, Water, and Agriculture.
Abdulrahman Al-Fadhli added that an amount of SR4.5 billion was allocated to the Saudi Grains Organization’s budget to support the strategic stocks of wheat and barley as well as compensate importers.
Additionally, a total of SR4.2 billion was allocated to the Agricultural Development Fund’s budget. This could be used for lending to the private sector to finance contracts that cover the Kingdom’s needs for main commodities, including corn, barley and soybeans, for a period of at least six months.
Also, an amount of SR800 million was provided as additional support for the subsidies provided to breeders and producers, Al-Fadhli added.
This comes as part of the committee’s efforts to ensure abundant supply and enhance the local stock of basic food commodities in light of global market developments fueled by the Russian invasion of Ukraine.