The Camel and Sheep Competition as part of the Kuwait Heritage Festival attracted a lot of visitors and participants Thursday
Kuwait eyes multi-billion dinar fund to help resolve loans crisis ‘Minister Shimali fully cooperates with panel’

KUWAIT CITY, Jan 24: The government has been considering establishment of a multi-billion dinar fund as a measure to resolve the consumer loans crisis and to end the issue completely, reports Al-Shahed daily quoting an informed source.

He revealed that the government is intending to set up the fund with a capital of about KD 3-5 billion, which will be managed by Central Bank of Kuwait, indicating that it will prioritize payment of the loans of those debtors who were sentenced by the legal courts for their inability to pay off the loans.

He said the fund will afterwards deal with the loan payment of debtors of other categories with intermediate and long-term methods within different phases, depending on the situation.

However, he stressed that the debtors who are in financially stable and are able to pay off their loans on their own, will not be considered for this fund.

Revealed
He revealed that a team of officials from the Ministry of Finance, Ministry of Commerce and Industry and Central Bank and representatives from the local banks was formed.

Indicating that this team of officials and bank representatives has been preparing the review, he said he anticipated the announcement of the fund’s launch very soon, possibly during the National Day festivities.

Meanwhile, Al-Anba daily quoting sources revealed Finance Minister Mustafa Al-Shimali fully cooperated with the parliamentary Financial Affairs Committee in their last meeting.

Sources said he stressed the need to approve the proposal as there is no other way to solve the loans issue. Sources confirmed he responded positively to the suggestion to change some articles in the proposal to include those who obtained loan before 2008.

Sources added there is a possibility to increase the budget allocated for the fund, pointing out the previous budget was KD 1 billion for those who obtained loans in 2008 and later.

However, when they proposed inclusion of those who had loans before 2008 the budget was reduced to KD 600 million. This amount is not enough to cover the needs of the beneficiaries; hence, the need to increase the budget, sources said.
 

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