The total number of debtors right up through last November are 278,000, whose loans total about KD 4.6 billion, he told reporters, after a regular committee meeting.
The average size of a loan by one of these debtors runs at KD 16,697, he said, while those with hard-to-pay-back loans are nine thousand.
To help the hard cases, the committee today met with finance minister Mustafa al-Shimali and representatives from Kuwait Central Bank, and decided to field a draft law calling for the establishment of a money fund to take care of those incapale of repaying their loans, explained Baqer.
The committee chairman slammed the ministery of commerce and industry for encouraging banks and finance companies to lend loans to citizens without fully vetting them. He also blamed the banks and finance companies for doing the same.
He indicated that next week a number of MPs will have the oppportunity to offer their amendments to the committee draft law, prior to the committee’s final decision regarding the law.
