While bailouts for banks and even countries preoccupy the policymakers and protesters of the west, Sheikh Khalifa bin Zayed, president of the UAE, has announced a different kind of bailout: he will spend 2bn dirhams ($545m) on clearing the personal debts of almost 7,000 of his citizens.
So if the loan on that 2011 Landcruiser was starting to sting, you’re in luck. A fund established by the Sheikh, who is also the ruler of Abu Dhabi, will pick up the majority of what is owed as long as debtors commit to setting aside 25 per cent of their monthly salaries to pay down the rest.
Wednesday’s announcement follows Sheikh Khalifa’s handouts to celebrate the 40th anniversary of the UAE’s founding last December. Then, he ordered the establishment of a Dh10bn fund to aid indebted citizens, plus a 35 per cent to 100 per cent salary increase for all government employees and the distribution of 2,500 blocks of land to citizens of Abu Dhabi. With Dh2bn committed this week, the Dh10bn fund still has plenty of firepower left to pick up bad debts in the future.
No comments:
Post a Comment