Abu Dhabi supports low-income countries, suspends debt service repayment

by Abdulmumeen S. Yitta

Abu Dhabi Fund has suspended debt repayment by low-income countries.

While disclosing this on Sunday July 12, 2020, Mohammed Saif al-Suwaidi, the fund director, stated that the suspension was aimed at easing financial hardship coronavirus pandemic has subjected companies and companies to.

Saif al-Suwaidi added that “At a time when the world is reeling under the effect of the pandemic, it is imperative for us to support particularly those that need it most, especially the low-income countries.”

The fund which provides financial assistance to developing countries such as Egypt, Sudan, Pakistan, and Ethiopia, would suspend debt service repayments until 31 December.

The fund also provides financial assistance to eligible individual companies in the United Arab Emirate.

It was however stated that to have the payment suspended, eligible companies and countries would have to make requests for it.

As of Sunday it was not specifically stated what criteria should be met by the countries and companies alike to be considered eligible for the financial assistance.

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