In the name of God, the Most Gracious, the Most Merciful
No. 5/1/15/553
With the help of God Almighty,
We, Saud bin Abdulaziz, King of the Kingdom of Saudi Arabia,
Based on the necessity of settling the largest possible portion of the government’s debts from previous years,
And based on the submission presented to us by the Minister of Finance and National Economy,
We hereby decree the following:
1.
The settlement amount agreed upon with the Arabian American Oil Company (ARAMCO), totaling seventy million U.S. dollars, equivalent to 262 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From this reserve, an amount of 211,989,500 Saudi riyals shall be withdrawn and added to the General Budget for the fiscal year 1374 AH, to be spent as follows:
a.
31,256,750 Saudi riyals for external debts.
b.
97,227,206 Saudi riyals for internal debts.
c.
83,505,544 Saudi riyals to cover the budget deficit.
3.
Payment of the amounts mentioned in paragraph (a) shall be made to the creditors:
ARAMCO, J. G. 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:
- Cash‑paid debts and those referred to the Ministry of Finance by our late father, may God have mercy on him.
- Outstanding salaries, allowances, and wages due to their recipients up to the end of the year 1373 AH.
- Various amounts arising from contracts and undertakings awarded through public tender.
- Remaining debts, to be settled starting with the smallest amounts upward, so that only large debts remain for the fewest number of creditors. These payments shall be made in installments.
5.
The remaining amount, totaling 50 million Saudi riyals, shall be deposited with the Saudi Arabian Monetary Agency (SAMA) in the name of the Government Reserve.
6.
The Prime Minister shall implement this decree and communicate it to the Minister of Finance and National Economy for execution.
Peace be upon you.