Economic meeting chaired by Prime Ministers calls for taking measures to address defaulted loans

Damascus, SANA – An economic meeting was held on Monday, chaired by Prime Minister Imad Khamis, which called on public-sector banks to take direct, forceful, and clear steps to address the issue of defaulted loans and restoring development loans.

The participants in the meeting said that financial and monetary reform must begin by addressing any shortcomings, collecting debts, and assessing the administrative structure of banks and their legislations and rules, in addition to address the shortage in qualified and experienced staff.

Discussions focused on the need to restoring loaning operations according to new regulations and conditions, with emphasis on having each bank provide loans that suit their clientele.

The participants also discussed the public-sector banks’ vision for developing their work and resume funding for development purposes, with focus on means to overcome obstacles hindering the collection of due funds, including finding a legal formula for rescheduling defaulted loans that suit the current situation, particularly regarding loans given to businessmen whose facilities sustained damage, in addition to discussing increasing banks’ capitals and improving the performance of ATMs.

Hazem Sabbagh

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