Payment relief

MP Hassan Ebrahim called for loan repayments, state fees and money owed to firms by government bodies to be deferred as Bahrain and the wider region go through what he described as an exceptional period.

He told MPs yesterday the pressure on households and firms called for urgent economic steps to help keep economic and social stability in place.

“The current stage requires greater cooperation between all sectors,” he said, adding that such action would help protect stability on both the economic and social front.

Interest

Among the steps he called for was a pause in citizens’ loan instalments, with no extra interest added during this period.

He said this should cover personal loans, housing loans and other borrowing by citizens, and would ease financial strain on Bahraini families.

Ebrahim said banks should play a bigger part in that effort, noting that the banking sector had been among the most profitable in Bahrain in recent times.

That, he said, placed a national and social duty on it in such conditions to stand with citizens and give them the relief they need, starting with deferred instalments at no added cost.

He also called for state fees charged to citizens to be postponed until this phase has passed, saying that would cut financial pressure and help families cope.

The MP went on to press for faster payment of outstanding sums owed to companies by government bodies. He said that would improve cash flow for firms, help them carry on with their economic role, and support business continuity and jobs in the private sector.

Support

The lawmaker also called for an economic and financial support package for the private sector, drawing a comparison with the package brought in during the coronavirus pandemic.

He said those measures had proved their worth in backing the economy and helping firms and institutions keep going.