Industry, finance ministries study sustaining distressed firms

07/11/2019 Argaam

 

The Ministry of Industry and Mineral Resources is working with the Ministry of Finance on studying the situation of distressed industrial companies to ensure their sustainability through the Saudi Industrial Development Fund’s (SIDF) programs.

 

“The situation of distressed firms is worrisome and has been receiving strong focus from the Kingdom,” Al-Eqtisadiah newspaper reported, citing Bandar Alkhorayef, Minister of Industry and Mineral Resources.

 

A program developed by the finance ministry aims to ensure the going-concern of distressed firms. Both ministries agreed to define distressed firms and provide them with the required financial support.

 

Some firms are in need of legislations, technical and administrative aid, rather than financial aid, Alkhorayef added.

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