Saudi corruption cash settlements will help finance royal handouts: finance minister

Reuters News
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Posted: Jan 24, 2018 5:33 AM

DUBAI (Reuters) - Cash settlements obtained from people detained in Saudi Arabia's crackdown on corruption will help to finance a 50 billion riyal ($13.3 billion) package to help citizens cope with the rising cost of living, Finance Minister Mohammed al-Jadaan said on Wednesday.

The package was announced by King Salman early this month, said Jadaan, speaking to Al Arabiya television at the World Economic forum in Davos. He said the package would also be financed by money from the state budget.

(Reporting by Noah Browning; Editing by Andrew Torchia)