His Excellency the Governor of Palestine Monetary Authority, Mr. Azzam Shawwa, met today in Ramallah, the Public Transport Sector Committee, which included the Federation of Car Rental Companies, Driving Schools, the Bus Companies Union, the Union of Service Vehicles, the Taxi Companies Union, the Union of Mechanical Professions and Vehicle Services. Executive directors of Palestine Monetary Authority attended the meeting.
Mr. Shawwa welcomed the Committee and spoke about the measures and instructions issued by Palestine Monetary Authority to banks and lending institutions, since the beginning of the coronavirus pandemic, with the aim of contributing to mitigating the repercussions of the health crisis on various economic sectors, most notably the launch of the “Sustainability” program for providing financing to SMEs and micro enterprises that have been economically affected by the coronavirus pandemic, which is currently being implemented through banks and specialized lending institutions.
The Public Transport Sector Committee reviewed during the meeting the most prominent obstacles faced by the public transport sector in all of its categories, as one of the economic sectors most affected by the coronavirus pandemic, and the resulting decline in the ability of workers in this sector to meet their financial obligations of cheques and loans.
The Governor stressed that Palestine Monetary Authority recently issued instructions to banks and lending institutions under which citizens are free to deal with their deferred premiums during the health crisis, either by paying deferred installments early at any time and without paying early payment commission, or by distributing the value of deferred installments on the life of the loan, in addition to the classification on the system of returned cheques. Many cases that have been directly affected by the current crisis are examined.
Mr. Shawwa said Palestine Monetary Authority was studying all the observations made by the Committee as part of helping them overcome this crisis.
Source: Palestine Monetary Authority (PMA)