Khaberni - The Greater Al-Mafraq Municipality signed an agreement today, Tuesday, with the Cities and Villages Development Bank to reschedule the municipality’s debt with the bank.
The municipality stated in a statement today that this agreement is part of an ongoing national program aimed at supporting the financial stability of municipalities and enhancing their ability to continue to provide basic services to citizens efficiently and effectively.
It added that the agreement was signed based on a cabinet decision issued on October 5, which dictated the rescheduling of the debts incurred by the municipalities on clear financial and technical bases, taking into account the specific financial circumstances of each municipality.
Dr. Mohammad Khalaf Al Fayez, the head of the Greater Al-Mafraq Municipality committee, stated that this agreement is part of the institutional partnership between the bank and the municipality and supports efforts to enhance the financial stability of the municipal sector and enable municipalities to perform their development and service roles across the kingdom.
He added that the agreement aims to enable the Greater Al-Mafraq Municipality to reorganize its financial affairs on a sustainable basis and improve its ability to meet its financial obligations, which will positively reflect on the level of services provided to the residents of the province.
Dr. Waseem Al-Haddad, the General Manager of the Cities and Villages Development Bank, confirmed that the agreement was signed following the completion by Al-Mafraq Municipality of a comprehensive financial and administrative reform plan and its fulfillment of the approved conditions and criteria, enhancing the principles of transparency and accountability in public finance management.
