Committee of the Debts Settlement Fund assesses banks' response
The Supreme Committee of the Debts Settlement Fund for Citizens has organized a workshop to discuss challenges facing the Fund's efforts to achieve targeted settlements and ensure reasonable income for defaulters as they will not be able to get new loans throughout the settlement duration which could drag on for years.
The workshop brought together representatives of the banks who singed memorandums of understanding with the Fund. The meeting aimed to assess the response of banks who gave presentations on their past experience in settling defaulting loans.
Undersecretary of the Ministry of Presidential Affairs for Financial Affairs and member of the committee Mohammed Al-Rumaithi noted that the response of banks to the initiative to settle the debts demonstrates their commitment to social responsibility and interest in forging strong partnerships with the Fund.