Adil Pelister Outlines Measures to Be Taken Under the Economic Stability Shield Package

İstanbul Kimyevi Maddeler ve Mamulleri İhracatçıları Birliği (İKMİB) Chairman Adil Pelister outlined the changes that will occur under the "Economic Stability Shield Support Package" as follows: the Credit Guarantee Fund balance was raised to TRY 500 billion, and guarantee limits were increased to TRY 50 billion, while credit maturity periods were extended for businesses, thereby providing significant support to exporters. To ensure the Economic Stability Shield measures function properly and to support economic activity, the banking sector has implemented two applications. These are: Check Payment Support Credit and Economic Stability Shield Credit Support. Under Check Payment Support Credit, principal and interest payments are suspended for 3 months, with a total maturity of 12 months and annual interest of 9.5%, with maximum amounts determined on the basis of SMEs and non-SME businesses. Under Economic Stability Shield Credit Support, principal and interest payments are suspended for 3 months, with a total maturity of 12 months and annual interest of 9.5%, with maximum amounts determined on the basis of SMEs and non-SME businesses. In addition to all of these, a number of important decisions were made. Among these decisions is the provision to the Turkish Development and Investment Bank of the ability to restructure multiple times and modify credit maturity from the credit opening date, up to 96 months for individual and business loans and up to 156 months for investment loans. For both beneficiaries, the guarantee limit to be determined by the Treasury and Finance Ministry: for individual beneficiaries was set at TRY 100,000, while for beneficiaries with SME status the maximum was increased from TRY 12 million to TRY 35 million, and for legal entity beneficiaries outside the SME definition the maximum was increased from TRY 200 million to TRY 250 million. However, through a temporary provision added to the decision, guarantee limits shall apply until 31 December as follows: TRY 50 million for beneficiaries with SME status, and a maximum of TRY 350 million for legal entity beneficiaries outside the SME definition. Source: İKMİB