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KHALEEJ TIMES, Wednesday, Apr 21, 2021 | Ramadan 9, 1442
UAE Central Bank extends stimulus package till mid 2022
Emirates:
The Central Bank of the UAE (CBUAE) on Tuesday extended integral parts of
its Targeted Economic Support Scheme (Tess) until mid-2022 to help
individuals and private sector companies overcome the impact of the Covid-19
pandemic.
The regulator said financial institutions would continue to be eligible to
access the collateralised Dh50 billion zero-cost liquidity facility up to June
30, 2022, to provide new loans and financing to individuals, small and
medium-sized enterprises, and other private corporate entities affected by
Covid-19 repercussions.
The CBUAE's financing for loan deferrals under the stimulus package will also be
extended until the end of this financial year. The outstanding financing for the
Tess deferrals shall be fully phased out by December 31, 2021.
While the pandemic affected the economy, both in the UAE and globally, the CBUAE
expects financial institutions to prioritise lending through the Tess to the
most negatively affected sectors, businesses, and households, contributing to a
balanced revival of the UAE's diversified economy.
"The extension of the Tess shall allow continued support by the financial system
to the sectors negatively affected by the Covid-19 pandemic. This is done to
support the recovery phase, in line with the Central Bank's mandate to ensure
financial and monetary stability," said Khaled Mohamed Balama, Governor, CBUAE.
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