Saudi Central Bank Extends Deferred Payment Program for Private Sector MSMEs

The Saudi central bank.
The Saudi central bank.
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Saudi Central Bank Extends Deferred Payment Program for Private Sector MSMEs

The Saudi central bank.
The Saudi central bank.

With the Saudi economy set on a dynamic track to return to pre-pandemic levels, the Saudi central bank (SAMA) said on Tuesday it is extending a deferred payment program to help small businesses impacted by the coronavirus crisis by another period of three months, starting July 1.

The program - meant to support micro, small, and medium enterprises (MSMEs) affected by precautionary measures during the COVID-19 pandemic - was launched in March 2020.

Moreover, SAMA reaffirmed its keenness to maintain stability in the Kingdom’s financial sector.

SAMA clarified that during this extension MSMEs will be subject to assessment by the financing entities on the extent to which they are still affected by the COVID-19 precautionary measures, in order to be qualified for the extension.

It is worth noting that, since its launch on March 14, 2020 to date, the Deferred Payment Program has benefited more than 106,000 contracts with a total value of deferred payments worth SAR 167 billion.

The number of contracts benefiting from the Guaranteed Financing Program has exceeded 5,282 with a total financing value of more than SAR 10 billion.

The purpose of those programs is to support the liquidity level in the financial sector (banks and finance companies) and to enable the financial sector to ease the economic impact of the COVID-19 precautionary measures on the private sector, especially the MSMEs.

Last March, SAMA announced an extension of the program for three months, ending at Q2 2021. The same reasons for this month’s extension applied then.



OPEC+ Countries Reaffirm Commitment to Market Stability

A 3D-printed oil pump jack is seen in front of the OPEC logo (File Photo: Reuters)
A 3D-printed oil pump jack is seen in front of the OPEC logo (File Photo: Reuters)
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OPEC+ Countries Reaffirm Commitment to Market Stability

A 3D-printed oil pump jack is seen in front of the OPEC logo (File Photo: Reuters)
A 3D-printed oil pump jack is seen in front of the OPEC logo (File Photo: Reuters)

The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on August 3, 2025, to review global market conditions and outlook.

In light of a steady global economic outlook and healthy market fundamentals, reflected in low oil inventories, the eight participating countries will implement a production adjustment of 547,000 barrels per day in September 2025.

This adjustment follows the December 5, 2024 decision to gradually and flexibly return the 2.2 million barrels per day voluntary cuts, starting from April 1, 2025.

This is equivalent to four monthly increments, SPA reported.

The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.

The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3, 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024.

The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. They will meet on September 7, 2025.