Tue 13-12-2022 15:48 PM
ABU DHABI, 13th December, 2022 (WAM) — Members of the Consultative Council of the Financial Restructuring Committee (FRC) has met with experts from the World Bank Group (WBG).
The meeting was held virtually and sought to discuss the latest updates on amendments to the bankruptcy law, which is being implemented as a joint project between the Ministry of Finance (MoF) and WBG.
Younis Haji Al Khoori, Under-Secretary of Ministry of Finance and Chairman of the FRC, chaired the meeting, which was attended by Dr. Hussam Al Talhuni, legal advisor to the Minister of Finance, Secretary of the FRC; and Mira Al Jabri, Projects Manager at MoF, in addition to specialists from WBG who are concerned with private sector affairs in WBG’s Finance, Competitiveness and Innovation Global Practice.
Al Khoori stressed the importance of the efforts made by WBG to offer advice on improving financial policies and provide the needed technical assistance to ensure financial stability and encourage sustainable development. “The Ministry of Finance is keen to bolster bilateral relations and enhance areas of cooperation with various regional and international financial institutions, especially the World Bank Group,” he said.
The meeting discussed the proposed amendments to the bankruptcy law in terms of public policy, and previewed the detailed issues of the most important points that are being amended in the law. It also clarified the size of the project in general.
At the end of the meeting, a Q&A session was held to answer the participants’ questions and inquiries.
The bankruptcy law includes raising credit levels and financial guarantee within its legislative priority to strengthen the confidence among investors and boost the economy by enabling the financially distressed businesses to restructure, and pay their debts and obligations.
Muhammad Aamir / Hazem Hussein