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Monday , October 14 2019

Cabinet says keen on ‘equality’ among Kuwaitis regarding loans

HH the Prime Minister presides over the weekly Cabinet meeting

KUWAIT CITY, Feb 18: The Cabinet reaffirmed Monday keenness on enforcing justice and equality among all citizens, while also preventing any measure that would undermine the national economy, following a briefing by state’s top banker on loans.

The government was reacting to a briefing by the Governor of Central Bank of Kuwait Dr Mohammad Al-Hashel about consumer loans, and explained that less than one percent of lenders were experiencing trouble in repayments.

Al-Hashel said total value of consumer loans was Kuwaiti Dinars (KD) 989 million (USD 3.253 billion), while total value of housing loans was KD 12 billion (USD 39.5 billion), a statement by Deputy Premier and Minister of State for Cabinet Affairs Anas Al-Saleh said.

Al-Hashel said number of lenders was 552,000 people, but only 4,677 of them, or less than one percent, have trouble repaying their loans. The Cabinet members also discussed government’s efforts to address situation of some people who were unable to repay their loans, through the establishment of a special fund through which the government allocated around KD 800 million (USD 2.63 billion) to address financial situations of 34,174 people.

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