In the Name of God, the Most Gracious, the Most Merciful
Number: 5/1/15/553
Dated 11/4/1374 A.H.
By the grace of God,
We, Saud bin Abdulaziz,
King of the Kingdom of Saudi Arabia,
In view of the necessity of settling the largest possible portion of the government’s debts accumulated over previous years,
and based on what has been submitted by the Minister of Finance and National Economy,
We hereby order the following:
1.
The settlement amount agreed upon with the Arabian American Oil Company (ARAMCO), totaling seventy million U.S. dollars, equivalent to two hundred and sixty‑two million Saudi riyals, shall be collected and transferred to the General Reserve Account.
2.
From this reserve, an amount of 211,989,500 Saudi riyals shall be withdrawn and added to the general budget for the fiscal year 1374 A.H., to be disbursed as follows:
a.
131,256,750 riyals to settle external debts.
b.
97,227,206 riyals to settle internal debts.
c.
83,505,544 riyals to cover the budget deficit.
3.
Payment of the amounts mentioned in paragraph (a) shall be made to the creditors:
ARAMCO, Gillette & Henke, John Howard, Socony‑Vacuum Company, Shell Company, and Omar Saifuddin.
4.
Payment of the amount mentioned in paragraph (b) shall be made in the following order:
- Debts previously paid in cash or transferred to the Ministry of Finance by the late King (may God have mercy on him).
- Outstanding salaries, allowances, and wages due to their recipients up to the end of 1373 A.H.
- Various amounts arising from contracts and undertakings awarded through tender procedures.
- Remaining debts, to be settled starting with the smallest amounts first, ensuring that only the largest amounts remain for the fewest number of creditors. Payment shall be made in installments.
5.
The remaining amount, totaling fifty million riyals, shall be deposited with the Saudi Arabian Monetary Agency (SAMA) as Government Reserve Funds.
6.
The Prime Minister shall implement this decree by notifying the Minister of Finance and National Economy for execution.
Peace.