January 24, 2018 / 10:35 AM / in 5 months

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

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.

FILE PHOTO: Saudi Minister of Finance Mohammed al-Jadaan speaks during the Euromoney Saudi Arabia Conference 2017 in Riyadh, Saudi Arabia May 2, 2017. REUTERS/Faisal Al Nasser

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

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