The UAE on Tuesday unveiled plans to waive Dh834 million ($227 million) of interest payments on loans owed by thousands of low-income Emirati retirees under a drive to boost living standards and strengthen family stability.The key relief package was directed by President Sheikh Mohamed and overseen by Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court.The Defaulted Debts Settlement Fund – launched in partnership with leading UAE banks – has pledged support to 2,339 citizens across the Emirates.The scheme aims to ease the financial burden on retired Emiratis, aged 50 and older, with limited incomes, in line with the UAE leadership's efforts to enhance the quality of life of all of its citizens.Banks will waive future interest and profit payments on loans, while beneficiaries will continue to pay the principal amounts under structured repayment schedules.The financial institutions will contact the Emiratis who are covered by the social welfare programme.The debt fund thanked the banks for contributing to the initiative, and helping to promote family and social stability.Banks taking partSome of the UAE's biggest lenders have signed up to offer a crucial lifeline to Emiratis facing economic challenges.ADCB has cleared Dh655 million in loan interest payments, with First Abu Dhabi Bank removing Dh150 million in charges incurred from loans.Abu Dhabi Islamic Bank (Dh18.5 million), Emirates NBD Group and Emirates Islamic (Dh6.7 million each), Dubai Islamic Bank (Dh2.3 million), Commercial Bank of Dubai (Dh792,000), Sharjah Islamic Bank (Dh716,000) and the National Bank of Ras Al Khaimah (Dh566,000) are also part of the campaign.Supporting citizensThe relief drive was announced a day after Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, approved Dh1.54 billion in housing support for Emiratis in the capital.The benefits package, announced under the directives of President Sheikh Mohamed before Eid Al Adha, will provide assistance to 1,074 citizens. It includes housing loans valued at Dh1.41 billion provided to 929 citizens and exemptions from housing loan repayments worth Dh123 million for 145 senior citizens, retired people with limited income and the families of deceased citizens in Abu Dhabi.