Deferral of loan payments for 6 additional months a possibility – ARAB TIMES
KUWAIT CITY, August 17: Deferment of consumer loan disbursements and installments for eligible citizens who so desire for an additional six months is allowed, Al-Anba daily reports citing knowledgeable sources. They explained that deferral of payments does not require a new law. The law which was officially published in April and was applied in May for a period of six months can be extended for another six months by decision of the authorities concerned.
Installment loans can be deferred by government decision for organizations subject to them and covered by the law, namely the public social security institution, the financing bank, family and defaulting funds, as well as by a decision of the person concerned, the consumer credit authorities, namely local banks, investment companies and finance companies subject to the control of the Central Bank.
If the postponement is approved, this will be the third postponement of the loan maturities, the first decision to postpone the six-month maturities having been taken at the initiative of the government and in accordance with its constitutional role, as well as after being taken into consideration. consider the financial conditions of citizens in light of the COVID-19 crisis. The sources claimed that the government took the initiative on the basis of directives from His Highness Prime Minister Sheikh Sabah Al-Khaled Al-Sabah who asked non-governmental organizations to defer the payments, and agreed to defer the payments. government agencies affiliated with them. A parliamentary proposal was then approved to defer payments for another six months.