SAMA continued to issue its fundamental decisions; it approved the postponement of the annual supervisory visits, audits and internal evaluations of the capital adequacy for the year 2020 AD, to support banks at the present time to focus on providing the best services to their clients. The supervisory and inspection visits to the finance companies were also postponed until further notice, in support of the finance companies at the present time, and to help them focus on carrying out their work during the current circumstances. Moreover, SAMA postponed the delivery of the annual data to the finance companies with the updated forms, certified by the external auditor from the date of 04/04/2020 until the date of 07/05/2020. In addition, SAMA postponed the issuance and application of some policies, including: the final instructions related to the methodology for calculating allocations for banks operating in the Kingdom, which was scheduled to be announced in the first quarter of 2020, and postponed the implementation of Basel III reform procedures, which were to be implemented on January 1, 2022 AD to A time to be determined later in coordination with the relevant central banks. SAMA also postponed field inspection activities to companies operating in the insurance sector, and alternatively focusing on remote examination programs to verify the efficiency of the companies' operations, the claims settlement mechanism and the quality of services provided to the beneficiaries of insurance coverage. SAMA, temporarily, eased the regulatory requirements for companies operating in the insurance sector to launch electronic applications, and extended the deadline for submitting some supervisory data and precautionary reports. SAMA has approved banks and finance companies operating in the Kingdom for several procedures related to accounting treatment for some operations. This includes the commitment to include the expected impact of the Corona crisis in the financial reports in accordance with the Ninth International Financial Reporting Standard (IFRS9), while ensuring that these expectations are logical and in coordination with the auditors External, and taking into account the support programs provided by SAMA. For clients - who have benefited from the support of SAMA - banks should not count customers who wish to postpone their payments for six months as late receivables or classify them as restructured loans. SAMA has dealt with foreign banks operating in the Kingdom similarly, postponing the issued instructions, which were to be implemented starting from April 1, 2020 AD, to October 1, 2020 AD. Regarding Financial Sector Entities Contributions, the observer of the current can note that the Saudi banks and financial sector institutions are in continuous harmony with the central bank’s trends, understanding its pivotal and societal role to cooperate in overcoming this crisis. Commendably, banks and financing companies initiated a delay of (3) months installments for all public and private health workers who have credit facilities (real estate, consumer, leasing financing) starting in April, in appreciation of their strenuous efforts to preserve the health of citizens and residents, and without changing the cost of financing. Besides, insurance companies also initiated the provision of telemedicine service using electronic applications, and extended the dispensing period of medicines for chronic diseases, in order to preserve the safety of customers. It is worth mentioning, banks supported the Health Endowment Fund to combat the Corona pandemic, which aims to enhance the role of society in supporting government efforts in health development to counter this virus, with amounts exceeding (160) million riyals. Insurance companies have initiated financial support to support the efforts of the Ministry of Health and health personnel in the Kingdom, with amounts exceeding (66) million riyals, and the financing sector had a contribution of (15) million riyals. These donations, which exceeded a quarter of a billion Saudi riyals, expressed a real and effective contribution to society and a sense of realization of the burden and costs incurred by health organizations as a result of this crisis. Finally, this flexible movement, which dealt with the crisis early in deliberate and proactive steps, will, God willing, be the best supporter of the economy of this giving country, and we will see its effect in enhancing the stability and durability of this influential sector for the prosperity and well-being of our precious society. --SPA 19:19 LOCAL TIME 16:19 GMT 0024 www.spa.gov.sa/w1305829