The United Arab Emirates will settle up to 5 million dirhams ($1.36 million) of defaulted loans for each indebted Emirati, state news agency WAM said on Sunday, in the second such move by the government this year.
The order from UAE president, Sheikh Khalifa al-Nahayan, will include people in jail, pending trial or convicted over their outstanding debt. Citizens who agreed instalment payments with the courts will also see their debt paid, though they will have to arrange a new payment schedule with the government.
"More than 350 UAE national will benefit from the aid," a government official said, noting that the debt will be paid by the citizens at a later stage according to a special formula based on each case.
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