| 05 Jul 2010 |
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Saudi Arabia plans to waive citizens' loans
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DOHA: Saudi Arabia plans to write off debts its citizens owe to public agencies. Plans are also under way to waive the loans Saudi nationals have taken from non-government organisations. The Saudi government plans to set up a unique settlement system to clear citizens' loans, a Saudi Arabic daily reported yesterday. A committee with representatives of the ministries of justice, interior and finance has approved the loan write-off proposal.
If a national is indebted to non -government entities, the government will coordinate with these agencies to clear his debts. The proposal has been approved by the financial panel of the Advisory Council and will be put for a vote in it.
© The Peninsula 2010
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Community Comments (1)
How about loans taken from banks? And what kind of a message would the government be sending to people taking future loans?
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