Kuwaiti government spokesman, Tariq Al-Muzarram, announced that the Kuwaiti cabinet approved in its meeting yesterday, Tuesday, a package of measures, which was included in a report prepared by a joint team from the government and the private sector to overcome the repercussions resulting from confronting the Corona virus.
In his statement, Al-Muzram said that this package aims “to support the vital economic sectors, including individuals, small and medium enterprises and companies, and to help them overcome the current conditions by providing the necessary liquidity for these entities to meet their obligations.”
One of the goals of the new measures is “to avoid negative impacts in some economic sectors, including maintaining the credit rating of the State of Kuwait and its economic position.”
These measures included the provision of loans on concessional and long-term terms for small and medium enterprises through joint financing from local banks and the National Fund for Small and Medium Enterprises Care and Development.
It also included the provision of loans on concessional and long-term terms to affected companies and clients provided by local banks. As well as providing government exemptions from some fees and benefits to the affected institutions in the productive sectors and government cooperative societies.
It also included ensuring that citizens working in the affected sectors are not affected by the repercussions of the crisis and laying down the mechanisms necessary to secure the minimum income that guarantees facing the cost of living for the affected labor.
It also included assisting the owners of small, medium, industrial and agricultural projects by postponing the installments funded by the National Fund for Small and Medium Enterprises Care and the agricultural financing portfolio in the Industrial Bank.
The Cabinet formed a committee headed by the Governor of the Central Bank of Kuwait and the membership of the Undersecretary of the Ministry of Finance and the Managing Director of the General Investment Authority to “put the incentive pillars of the local economy” that were mentioned in the report into practice.