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Coronavirus

Kuwait to give support to suspended business activities due to COVID-19

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The Kuwaiti cabinet on Monday told the National Fund for Small and Medium Enterprises Development to set up mechanisms to disburse support to eligible businesses affected by the coronavirus pandemic.

The decision will take effect from March for three months, a cabinet statement said.

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The cabinet also told authorities to take measures to postpone the payment of all service fees provided by the state to the owners of suspended business activities.

Last Thursday, ratings agency Fitch revised its outlook on 11 Kuwaiti banks to negative from stable, after downgrading the outlook on the sovereign itself this month.

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The agency said as “a significant proportion of the banking sector funding is related to the government,” the banks would come under pressure if the sovereign itself is “experiencing some form of stress.”

Kuwait civil aviation said that non-Kuwaitis would not be permitted to enter the country as of Feb. 7, with a few exceptions, the authority said in a tweet, as the country seeks to curb coronavirus infections.

Read more:

Rating agency Fitch cuts outlook on Kuwait’s debt rating to ‘negative’ from ‘stable’

Kuwait draft budget predicts narrower deficit for fiscal 2021/22