Jordan Cooperative Benefits from Loan Fine Exemption
The Jordan Cooperative Institution reported that the Council of Ministers' decision to exempt debtors by 50% from legal fines and interest on cooperative loans, provided the principal is paid, has benefited around 1,600 individual borrowers and cooperatives. Some of these loans have been overdue for more than 40 years. The purpose of this decision is to improve the financial standing of the institution, increase recovery rates, and alleviate the social and economic burdens on heirs and defaulters. It also allows for the possibility of property recovery and facilitates financial settlements for those involved.
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