Additional support package for SMEs, entrepreneurs announced in Oman

Muscat: The Council of Ministers meeting headed by His Majesty Sultan Haitham bin Tarik on Tuesday approved the implementation of an additional package of supportive measures for small and medium enterprises, entrepreneurs and insolvent individuals and to mitigate the effects of the pandemic, including exempting borrowers from the emergency loan portfolio of the Oman Housing Bank.

In addition, exemptions for small and medium enterprises from fees and fines resulting from delaying the repayment of loans concluded with the lending portfolio (formerly Al Raffd Fund) until the end of this year were announced.

Exemptions from payment of overdues of entrepreneurs and owners of SMEs who face prison charges, following persecutions on account of bad cheques (cheques drawn on insufficient funds).

Postponement of lawsuits against individuals/establishments not abiding by provisions of loan agreements signed with the Lenders Portfolio (Al Rafd Fund earlier) until the end of this year (2022).

All vehicles (private and commercial) have been exempted from paying renewal fees and fines for the years 2020 and 2021.