The Troubled Debt Management Fund announced that 20 banks, banks and financing institutions have forgiven 4,511 citizens of their debts, with a total value of more than one billion and 157 million and 388 thousand dirhams, in implementation of the directives of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State, and the support of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and the follow-up of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
The Director of the Court of the Crown Prince of Abu Dhabi and Chairman of the Higher Committee of the Troubled Debt Management Fund, Jabr Muhammad Ghanem Al-Suwaidi, said that exempting hundreds of citizens from their debts comes within the framework of a well-established approach in the UAE in caring for and caring for its citizens, and opens the doors of opportunities for them to lead a decent and stable life always, stressing This initiative is not strange to the leadership, which places the needs and aspirations of citizens at the top of its priorities, and is keen to provide everything that would raise their standard of life, and address any problems they might face in order to allow them to actively engage in society and contribute positively to its development and progress.
Al-Suwaidi pointed out that what gives this initiative a special importance is that it comes as the state prepares to enter a new stage in its development path during the next fifty years, and considers the human being in it as its real wealth, and works to invest the energy of every member of the nation to serve himself, his community and his country, expressing the His thanks and appreciation to the banks and institutions participating in this initiative, for their cooperation, interaction and sense of responsibility towards society, stressing that this embodies the positive role of institutions in implementing the state’s strategies for the advancement and empowerment of citizens.
For their part, the officials of banks, banks and institutions praised this national initiative, stressing their cooperation with the Troubled Debt Remediation Fund in a way that achieves the interest of society and consolidates the values of cooperation and collaboration among all.
While economic experts emphasized that the initiative constitutes a new step that contributes to stimulating the acceleration of recovery in economic activity, and raises levels of confidence in the business climate. The positive effects of the initiative also include promoting growth, continuing to provide a decent life for citizens, achieving social and family stability, and directing defaulters to enter into Establishing small projects, especially service ones, that support the national economy.
They explained that the initiative generates direct and indirect positive economic effects in all sectors of economic and social activity, as a result of contributing to a new operating cycle and increasing levels of demand, and the economic effects it generates, ranging between three and seven billion dirhams, according to the economic multiplier for each dirham recycled in the market. In addition, transferring part of the allocations of the banks’ hedging portfolio to face bad loans to the lending portfolio supports financing operations and contributes to increasing the activity of the banking sector.