KUWAIT CITY, March 17: The Financial and Economic Affairs Committee finalized a bill that establishes a Family Fund to write-off citizens’ loan interests on Sunday. The bill is expected to be on the agenda of this week’s parliament sessions for deliberation.

Committee chairman MP Yusuf Al-Zalzalah explained that the Family Fund will purchase the principal loan of debtors who were granted the loans prior to March 30, 2008 and the banks will write off the interests and earnings from those loans.

The law pertains to consumer and installment loans and will be applied on both conventional and Islamic banks and conventional and Islamic financial institutions. It also includes citizens who are already part of a previous defaulters fund when they took out loans prior to 2008 and those who’ve rescheduled their loans after March 2008.

However, MP Nasser Al-Jabri said the meeting with Minister of Finance Mustafa Al-Shammali did not discuss whether expatriates will be included in the bill or not.

MP Safa’ Al-Hashem said Al-Zalzalah and Al-Shammali have also met with HH the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah on the issue and the committee has the government’s approval .

She added that Kuwait lacks an accurate database in all its institutions on their affairs and dealings to be referred to. She said that she will address the issue with Minister of State for National Assembly Affairs and Minister of State for Planning and Development Dr. Rola Dashti.

On his part, MP Askar Al-Enezi said the majority of lawmakers will approve the bill on Tuesday.