(MENAFN) UAE's state news agency WAM reported that the country's president, Sheik Khalifa bin Zayed Al Nahyan, gave his orders to the government to cancel personal debts for defaulting citizens.
The agency said that the president's order includes citizens held for unpaid debts and those whose cases are still being reviewed.
It added that the government will settle debts of around USD1.4 million for defaulting borrowers.
It is worth ntoing that in January, a similar order was given to the UAE government to cancel debts of thousands of Emiratis owing up to USD272,480 each.
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