Proposal to defer loan repayments from Bahrainis for three more months

MANAMA: An urgent proposal to defer all bank loan repayments from Bahrainis for three more months, until the end of November, was submitted yesterday.

The proposal, presented by a group of MPs spearheaded by Ibrahim Al Nefaei, aims to allow people to recovery properly from the adverse effects of Covid-19.Repayments of loans were postponed since March under a BD4.3 billion stimulus package.

“The deferred loans were used by people to breathe as it helped them manage expenses or those incapable not to be subject to financial and legal woes,” said Mr Al Nefaei.

“Banks are capable to defer for three more months and quarterly stats show profits in millions.

“With public recovery those banks are set to get better business as life returns to normal.”

The proposal has been submitted to parliament chairwoman Fouzia Zainal for reference to the Cabinet.

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