Members of the Consultative Council of the Financial Restructuring Committee (FRC) met with the experts from the World Bank Group (WBG). The meeting was held virtually and sought to discuss the latest updates on the amendments to the bankruptcy law, which is being implemented as a joint project between the Ministry of Finance (MOF) and WBG.
The meeting was chaired by Haji Al Khoori, the undersecretary Ministry of Finance and chairman of the FRC, who 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 proposed amendments to the bankruptcy law in terms of public policy and previewed issues of the impotent points being amended in the law. The size of the project was also clarified and at the end of the meeting a Q&A session addressed the participant’s questions and inquiries.
The amended bankruptcy law includes raising credit levels and financial guarantee within legislative priority to strengthen confidence of investors and boost economy by enabling financially distressed businesses to restructure and pay debts.
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