Saudi finance ministry fulfilled nearly all payment orders in 8M 2018

Saudi Arabia’s finance ministry has received 316,500 payment orders worth SAR 564 billion in the first eight month of 2018, of which 99 percent were fulfilled, it said on its Twitter account.

Payment orders of the non-private sector accounted for 89 percent of the total payment orders, valued at SAR 496.6 billion. The ministry fulfilled SAR 495.3 billion, while SAR 1.3 billion worth of payment orders are still pending.

Private sector payment orders accounted for 11 percent, or SAR 67.3 billion, out of the total payment orders received. Payment orders worth SAR 65.5 billion were disbursed, while SAR 1.8 billion worth of payment orders are still pending.

Around 96 percent of the payment orders were paid within 30 days of claim, while 99 percent of payment orders were disbursed within 60 days. Pending payment orders for more than 60 days were stalled due to court orders, the ministry said.