Abu Dhabi Fund suspends debt repayments
- Date: 13-Jul-2020
- Source: Emirates Business
- Sector:Financial Markets
- Country:UAE
Abu Dhabi Fund suspends debt repayments
Admin 45 mins ago Local News
Abu Dhabi / Emirates Business
Abu Dhabi Fund for Development (ADFD), the leading national entity that supports sustainable economic development at home and abroad, has announced a significant initiative whereby it has decided to suspend debt service repayments during 2020 for eligible countries, as well as individual businesses, in the developing world upon request for forbearance. The sole objective behind the decision is to help them weather the economic fallout of the Covid-19 pandemic. The initiative over the payment of instalments and interests that covers the period from January 1 to December 31 will be implemented by ADFD in accordance with the national law and internal procedures. The move is in line with the position of the UAE Government to support the G20 plan, launched by the World Bank, to help the developing countries to meet their financing needs, to alleviate their debt burdens and to effectively address the impact of the Covid-19 pandemic on the region and beyond. Explaining ADFD's stand, His Excellency Mohammed Saif Al Suwaidi, Director General of the Fund, said: "At a time when the world is reeling under the effect of the pandemic that has affected every area - from economy
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