President al-Assad issues law on settling stalled debts for public banks

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Damascus, SANA – President Bashar al-Assad on Tuesday issued law no. 26 for 2015 on settling stalled debts for public-sector banks.

The law stipulates the conditions for settling debts, the conditions and deadlines for carrying out the settlement, conditions for exemptions for overdue installments, how to apply for settlement, the conditions for waving debts fully or partially, the committees charged with studying applications and approving them and how to form these committees, the conditions for voiding settlements, grace periods for paying dues, among other details.

In a statement to SANA, Finance Minister Ismail Ismail said the settlement of stalled debts is one of the most complicated and sensitive issues, particularly during the current crisis, and that the new law will help add flexibility to the settlement of debts in a manner that takes into account the special conditions of each individual debt.

Hazem Sabbagh