Assembly overwhelmingly approves debt relief law – MPs nod to election commission decree despite criticism

The National Assembly yesterday overwhelmingly passed in the second and final reading of a debt relief law requiring the government to pay KD744 million to purchase bank loans taken by citizens before March 30, 2008. As many as 50 members, including the prime minister and 12 other cabinet ministers present, voted for the legislation that will become effective after His Highness the Amir signs it and is published in the official gazette. Four MPs opposed the law while three others abstained.

The law covers 47,444 Kuwaiti debtors who took loans from conventional banks and financial companies but contrary to the first reading, the law excludes clients of Islamic banks and companies. The law also excludes around 20,000 debtors who are covered by the so-called defaulters fund established in 2009 to help Kuwaiti debtors facing difficulty in repaying.

Read more: http://news.kuwaittimes.net/2013/04/03/assembly-overwhelmingly-approves-debt-relief-law-mps-nod-to-election-commission-decree-despite-criticism/