Decision To Halt Smes Financing Stays Due To Pressure On Budget

The decision to suspend the financing of small and medium enterprises (SMEs) remains in effect due to the extreme pressure on the public budget brought about by the lack of liquidity and lower State revenues, reports Al- Anba daily quoting a source privy to the affairs of the National Fund for Small and Medium Enterprises Development. In an exclusive statement to the daily, the source revealed that the government has no capability to allot KD100 or KD200 million to support the owners of SMEs considering the current economic condition. The fund’s management believes the best move at present is to extend the postponement of the collection of payments for the debts of entrepreneurs, in addition to postponing the issuance of seizure summons to those who defaulted on payment, the source said. The source reiterated that postponing the collection of installments from entrepreneurs until the repercussions of the current crisis are cleared from Kuwait and the world is the most appropriate solution at the moment.

 

 

SOURCE  ARABTIMES

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