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A Quarter Of A Million Kuwaitis Deferred Their Loans

Since the law to postpone the loan installments of eligible Kuwaitis came into effect, Yesterday, Monday banks finished registering about 50 percent of the wishes of their customers, who agreed to postpone their loans, Al-Rai reported.

About 471,000 citizens choose to defer their loan installments. The increase in the numbers reflected the collective desire of citizens to benefit from the law of postponing their loan installments for a period of 6 months, especially with the approaching dates for the transfer of April salaries in the employees’ accounts.

The sources estimated the value of citizens’ personal and consumer loans at 14.75 billion dinars, which constitutes about 85 percent of the total loan portfolio for Kuwaitis and non-Kuwaitis.

The implementation by banks and the concerned authorities of the decision to postpone the installments of citizens was met with demands to postpone the installments immediately and automatically for all citizens without a request and provide that the exception for those who do not wish to postpone.

The sources indicated that the implementation mechanism is clear in the law that explicitly stipulates postponing payment Loan installments of only those eligible citizens, who wish to postpone it, which means that it is not legally correct to postpone the installments of any loan without the loan holder desire to do so.

 

SOURCE : TIMES KUWAIT

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