Bahraini banks have announced that all loan payments will be deferred until the end of 2020 in the wake of the COVID-19 crisis. The decision is an extension of the COVID-19 economic stimulus package announced by the government under the directive of His Majesty King Hamad bin Isa Al Khalifa.
Finance and National Economy H.E. Minister Shaikh Salman bin Khalifa Al Khalifa has labelled the move as a big step forward when it comes to unifying national efforts to limit the economic impact of the COVID-19 pandemic.
He also noted that the timely move to defer all loan payments also compliments the national efforts undertaken by the government led by HRH Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister.
The Minister also stated that sufficient measures have been taken preemptively to ensure that the decision will not adversely affect banks’ liquidity and financial solvency.
Additionally, the move is also expected to continue supporting an array of economic sectors — especially the ones that have been worst-hit by the pandemic.
Minister Shaikh Salman bin Khalifa Al Khalifa also thanked the Central Bank of Bahrain (CBB) for the prompt manner in which it has been executing and distributing the national economic stimulus packages for businesses across sectors.