Kuwait arms virus-beaten economy
KUWAIT- Kuwait imposed necessary measures on Wednesday aimed at aiding its economy from threats of the novel coronavirus. The arrangement involves long-term loans while the central bank requested other banks to implement unrestricted loan repayments for the affected businesses and firms.
Kuwait’s March 31 record showed that 289 coronavirus cases were added to the list. Such an increase was monitored despite being the first Gulf state to implement travel restrictions and impose curfew to contain further contagion of the virus.
Several sectors including aviation, hospitality, and real estate greatly suffered from the impact of the deadly respiratory disease. This prompted the cabinet to allocate a stimulus package as support for small to medium-sized businesses. Moreover, the said scheme mandates government agencies to pay obligations immediately to private enterprises.