UAE leader orders partial settling of US$540 million worth of debt
UAE President Sheikh Khalifa bin Zayed al Nahyan has ordered the partial settling of AED2 billion worth of debt. The measure will help 6,380 Emiratis with individual debt of up to AED1 million ($272,480). Those Emiratis in prison for their inability to pay will be released. The debt of those on scheduled repayment plans will also be settled.
Sheikh Khalifa established a $2.7 billion fund this past November to provide loan assistance to low-income Emiratis. This fund will be responsible for examining bank statements regarding the debts before partially settling them. The rest of the loan will be paid off through government garnishment of 25 percent of the debtor's wages. The High Committee for the fund originally proposed the settlement plan to Sheikh Khalifa. (Source: english.nuqudy.com)