------------- -------------- ------------------- -------------------

‘Writing off individual loans needs presentation of relevant statistics’

Panel to probe rainfall damages extended

KUWAIT CITY Dec 24: Talks on writing off individual loans necessitates presentation of relevant statistics to highlight the issue, reports Al-Qabas daily quoting sources. Sources cited procedures taken by the Central Bank of Kuwait (CBK) for those experiencing financial crisis in cooperation with the banks as factors in strengthening the borrowers’ commitment to pay, while the rate of unpaid loans has dropped to the lowest level.

Sources affirmed the rate of unpaid loans subjected to legal action did not exceed 0.7 percent of the consumer and housing loans or what are known as ‘personal facilities’. Sources added the number of defaulters subjected to legal action did not exceed 0.5 percent of the total number of borrowers at the beginning of this year, which means 99.5 percent are paying regularly.

Meanwhile, Council of Ministers has extended the period of investigations – the work of the probe committee to investigate the damage caused by the heavy rainfall to an additional month to complete the tasks assigned to it, reports Al-Qabas daily.

Sources said the committee met yesterday with the Minister of Public Works and Minister of State for Municipal Affairs Hossam Al-Roumi in the framework of his keenness to support the role played and met the Assistant Undersecretary for Engineering Maintenance Sector Abdul Mohsen Al-Enezi to listen to his views and the Acting Undersecretary of Maintenance Sector Abdul Aziz Al-Sabah.

Check Also

Banks have no right to increase interest rate on a loan

KUWAIT CITY, Oct 28: The Court of Appeals ruled that a local bank had no …

Translate »