Banks in Kuwait postpone loan installments for six months

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Banks in Kuwait postpone loan installments for six months

Banks in Kuwait postpone loan installments for six months

Banks in Kuwait have decided to postpone loan installments of Kuwaiti citizens, Small and Medium Enterprises for a period of six months and freezing of the interest payment during that time.

The decision also includes delaying the credit card installments for all bank customers from citizens for a period of six months, with the cancellation of interest and profits resulting from this delay and any other fees.

His Highness the Amir of Kuwait has asked the government to prepare an economic support plan by next week to overcome the impact of the Coronavirus on the economy.

Kuwait has total of 191 coronavirus cases, 39 of them have recovered and 152 are still receiving treatment. The Ministry of Health urged the citizens and residents to abide by all the decisions and recommendations issued by authorities.

Coronavirus numbers worldwide more than 409,014 people have contracted the virus and at least 18,246 have died.