UAE Central Bank extends stimulus package till mid 2022
Move to overcome economic repercussions of Covid-19 pandemic.
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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