Saudi Central Bank extended the payment deferral program and financing program

SAMA orders banks to lend businesses money to avoid any job cuts

Saudi Central Bank extended the payment deferral program and financing program. The Central Bank of Saudi Arabia announces the extension of the Deferred Payment Program – one of the Central Bank’s programs to support private sector financing – for an additional three months ending at the end of the second quarter on June 30, 2021; This is in order to continue empowering the financial sector to play its role in supporting the MSME sector, and to contribute to supporting economic growth and maintaining employment in the private sector.

Saudi Central bank extended the payment deferral program and financing program

The Saudi Central Bank also announces the extension of the guaranteed financing program for an additional year until March 14, 2022; This is aimed at enhancing the Central Bank’s contribution in supporting micro, small and medium enterprises, and enabling them to overcome the challenges that accompanied the COVID-19 pandemic, and the precautionary measures adopted to confront them. Where it is possible to benefit from the guaranteed financing program through banks and financing companies that are subject to the supervision of the Central Bank of Saudi Arabia that are involved with the guarantee program of financing for small and medium enterprises “Kafalah”.

This step comes in line with the role of the Central Bank of Saudi Arabia in maintaining monetary stability, supporting the stability of the financial sector, enhancing confidence in it and supporting economic growth, and as part of the state’s continued efforts to deal with the Coronavirus pandemic and the measures taken to mitigate its financial and economic effects on various economic activities. .

It is worth noting that the number of contracts that have benefited from the payment deferral program since its launch on March 14, 2020 to date has reached about 99,000 contracts, while the value of deferred payments for those contracts amounted to about 124 billion riyals. While the number of contracts benefiting from the guaranteed financing program exceeded 5,000 contracts, with a total financing value of more than 8 billion riyals.

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