into the sector. furthermore, the central bank of kuwait instructed the banking sector to abstain from sale of or enforcing of any measures on or liquidating collateral held by banks. in addition, the public institution for social security also postponed subscription payments. government fee waivers were extended to impacted institutions, and banks extended moratoriums on affected customers ’ loans. the committee had also communicated with all chapter five refers to kuwaitis registered with the public institution for social security as self - employed. chapter three refers to kuwaitis registered with the public institution for social security as working for a private sector employer. central bank of kuwait - public عام - بنك الكويت المركزي government entities urging them to swiftly pay their dues to the private sector and is following up in this regard. the committee further proposed an amendment on provisions of the labor law that takes into consideration special and extra - ordinary circumstances and gives more flexibility for both employer and employee. it also presented to the council of ministers a proposal to postpone evictions of tenants in commercial real estate. lastly, the committee proposed setting up courts specialized in economic, commercial, and financial affairs in view of the unique nature of this sector and the real need for judicial expertise in this field, especially amid expectations of an increase in disputes in this field that the court system would have to address upon resumption of activity. the banking sector : as the financial intermediaries in our national economy and the sector entrusted with the community ’ s savings, it is vital to maintain financial stability and to encourage the banking sector to extend financing. in view of the interdependence among all economic sectors, it is also essential to bolster this segment against fallout from other sectors affected by the current circumstances. like other segments, the banking sector was affected by the lockdown, which caused a reduction in its capacity to extend financing, and we can also sense some reluctance to offer loans. two factors are at play and are reducing efficiency of current measures regulating granting of financing ; the first is banks ’ preference – amid the current conditions – for granting financing to big companies with a strong financial position. this excludes a great number of companies affected by the crisis, which are in dire need of financing. the second is the continued gradual drop in banks ’ willingness to grant financing as the crisis worsens and the cashflow problem escalates, as does its impact on companies ’ solvency. all this comes as

take the appropriate action. the households sector : where this sector is concerned, the committee specified the goal as guaranteeing basic needs, providing financial support, and maintaining job security for nationals. accordingly, it introduced a set of measures to protect and safeguard the stability of this important sector. among the measures were guarantees to protect nationals employed in economic sectors impacted by the central bank of kuwait - public عام - بنك الكويت المركزي crisis, whether in the government or private sector, as well as maintaining the stability of prices of food items and medical goods, in addition to depositing of six months ’ retirement pay ( pension ) for those eligible. as well as support for salaries covered under chapter five 1 of the budget as stated in council of ministers resolution ( 455 ), the committee added an item to double the support extended to nationals registered under chapter three2 for six months. this was in addition to guaranteeing a minimum income level that is sufficient to meet livelihood needs for affected workers and the provision of basic humanitarian needs for all those living on kuwaiti soil. banks meanwhile took the initiative and implemented a moratorium on personal loans and waived point of sale and atm fees. the business sector : to bolster the business sector ’ s resilience, be it smes or larger firms, the committee sought to reduce its financial burden by providing the required cash flow to cover regular contractual liabilities, such as salaries and rent, as companies lost all revenue due to the lockdown. this was accomplished through a set of measures, among which was the deferment of loan payments due to the national fund for small & medium enterprise development ( national fund ) and the industrial bank, plus providing concessionary loans to smes through joint national fund - bank financing according to mechanisms and controls laid down by the committee. although this mechanism was approved by the council of ministers, implementation was not feasible due to difficulties on the part of the national fund. accordingly, the national fund was officially directed to take the appropriate measures to guarantee support to the vital smes segment which falls within its mandate, as the country looks to smes for more job opportunities for kuwaitis and to contribute to the diversification of the national economy. as for concessional financing for corporate firms and individuals negatively impacted by the crisis, banks had in fact already started extending financing and giving concessions, either in line with this measure or their standing credit policy, and had also injected more liquidity