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Specialists call on the Central Bank to accelerate the reactivation of its lending initiatives
Economical 04/17/2024
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Specialists in economic and financial affairs called on the Central Bank to accelerate the relaunch of lending initiatives due to the positive results they achieved in activating important sectors such as housing and local industries.
The Governor of the Central Bank, Ali Al-Alaq, recently announced a plan to build a national lending strategy that will come into effect at the beginning of this year, 2024, stressing that Riyada Bank will be a base for launching and financing small and medium enterprises, and that its total initiatives have reached more than 12 billion dollars.
The specialist in financial and economic affairs, Dr. Mustafa Hantoush, told “Al-Sabah”: The idea of the Central Bank’s previous initiatives began in 2015 and was implemented in 2017, as it achieved movement in the local markets and revitalized some sectors, although these initiatives did not exceed in total. More than 15 to 17 trillion dinars.
He added that these initiatives succeeded because they were directed towards the real private sector, and they are divided into the housing sectors through complexes, industry, agriculture and youth projects, as well as the tourism and services sector.
Hantoush stated that these initiatives have succeeded in stimulating the local industry, as we see that no less than 15 percent of the products are financed by these loans, noting that the ambition is to release larger amounts to strengthen these projects.
He continued that the Central Bank's policy for more than a year and a half has been to stop these initiatives and limit them, which caused a state of confusion in the markets as a result of the lack of new projects related to these initiatives.
Hantoush pointed out that the decision to stop the initiatives was ill-considered and based on the foundations of liquidity and the lack of a dinar, so it was supposed to allocate a size of the government investment budget and strengthen the role of the private sector, indicating that the decisions of the Economic Council in the Council of Ministers last year were to restore the initiative and activate it in sectors. Housing, to restore the flow of this vital and important sector, noting the need to allocate at least 10 trillion dinars for a new initiative that will stimulate the local market and make the private sector a true partner of the state through these loans.
It is noteworthy that specialists had previously welcomed, during their talks with Al-Sabah, the directions of the monetary authority in the country, which aim to increase rates of sustainable development, stressing that the Central Bank’s launch of the national lending strategy could achieve a package of important economic steps, which it stands in. The forefront of which is eliminating unemployment and poverty and moving the wheel of private sector work.
For his part, Imad Al-Mohammadawi, who is interested in economic affairs and investment advisor, stressed during his talk to “Al-Sabah” the importance of loans in activating the movement of various economic sectors, provided that they are carried out according to a studied and systematic mechanism, and that the housing sector is given special importance, as it is in contact with the life of the citizen, especially The middle and poor classes, provided that the loan is in installments and is supervised by specialists, for the purpose of reaching the goal for which it was prepared.
Edited by: Ali Mowafaq
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