Housing loan installments will be postponed for six months starting in April, Bahrain’ government announced on Monday.
This decision is part of the measures taken by the government to reduce the effects of the coronavirus outbreak on the Kingdom’s economy and citizens.
Crown Prince Salman bin Hamad Al Khalifa, first deputy premier, took part in the cabinet session, which was chaired by Prime Minister Prince Khalifa bin Salman Al Khalifa and was held via videoconference.
In order to help stabilize the economy, the government announced in April a BHD4.3 billion ($11.4 billion) stimulus package to mitigate the economic impact of COVID-19 for both individuals and businesses.
It included key polices, such as paying salaries of all private sector employees for three months from April 2020 from the unemployment fund pursuant to constitutional procedures and Bahrain's Social Insurance Law.
It also pledged to pay the Electricity and Water Authority utility bills for individuals and businesses for three months from April.
The government exempted municipal fees for all individuals and businesses, industrial land rental fees for all businesses and tourism levies for all tourism-related industry for a period of three months from April 2020.
It decided to increases the size of the Liquidity Support Fund two-fold to BHD200 million ($530 million) and the Central Bank of Bahrain's loan facilities to BHD3.7 billion ($9.8 billion) to allow the deferment of debt installments and the extension of additional credit.
The Kingdom redirected all Tamkeen (the government agency responsible for the provisions of loans and assistance to businesses) programs to support adversely affected businesses and the restructuring of debts issued by Tamkeen.
