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Coronavirus

Kuwait cabinet approves draft bill postponing loan instalments due to COVID-19

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The Kuwaiti cabinet approved on Monday a draft bill to postpone loan installments and respond to the effects of the coronavirus pandemic, the government communications office (CGC) said on Twitter.

The cabinet also approved another draft bill to support and ensure local banks’ financing of customers hit by the pandemic, the CGC added.

The Two draft bills are to be submitted to the emir for approval.

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Kuwait Central Bank (CBK) Governor Dr. Mohammad al-Hashel said on Sunday that he expects the country to witness “positive growth” during 2021, but conceded it will “take time” to return to pre-pandemic levels.

“Encouragingly, early monetary, prudential and fiscal policy interventions since the outbreak of the pandemic have ensured that the country’s productive capacity remains broadly unscathed, offering hopes of a swift recovery once the pandemic is brought under control,” he told The Banker in an interview.