Tatar Announces Loan Support Package

North Cyprus News - Ersin Tatar
Prime Minister – Ersin Tatar

Prime Minister Ersin Tatar announced yesterday the preparation of a loan support package and payment of cheques and salaries for businesses that are negatively affected by the coronavirus pandemic.

Tatar said the government, central bank and bank union have set up a billion-pound loan guarantee fund, that banks will provide businesses with 12% interest rate loans and that businesses will pay the interest rate at 9%, while the remaining 3% will be covered by this fund. The loans will have a maturity of 12 months and no instalment will be paid for six months.

Tatar said the low-interest loan package would last a year with the aim of minimising the impact of the employment and payment system on the coronary pandemic and supporting economic activities.

However, British and other foreign business owners have complained that they have not been included in the support package, despite paying taxes and conforming to the law.


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