The presidential program to cover the debts of local citizens included their debts on individual loans received by them in banks, not exceeding 1 million dirhams (US $ 273,224). The program extends to those citizens who are already serving a prison term for non-payment of their debts, and to those who are just waiting for a court decision, and to those who pay in installments the loan in accordance with the schedule prescribed by the court.
Those Emirates who are in prison but have been included in this presidential program will be released. Their debts for loans will be paid by the state according to a certain scheme, including 25% withholding from monthly salaries. In this case, the debtors will be required to sign an official document prohibiting them from obtaining a new loan until the old debts are fully paid.
The decision of Sheikh Khalifa is based on the recommendation of the Supreme Committee of the Fund for the repayment of debts of poor UAE citizens, chaired by Ahmed Juma Al Zaabi, Deputy Minister for Presidential Affairs of the UAE.
Recall that the Presidential Fund, specifically designed to provide financial assistance to poor emirates who are experiencing financial difficulties, was established in accordance with the Decree of the President of the UAE at the end of 2011. The total amount of funds allocated to the fund is 10 billion dirhams (US $ 2.7 billion).
