Georgian citizens' debts to be annulled

Georgian citizens' debts to be annulled

The bank debt of over 600,000 Georgian citizens, including those on a so-called ‘black list’ will be written-off, Georgian Prime Minister Mamuka Bakhtadze said.

"Almost 95% of debts of the 'blacklisted' citizens come from loans, whose principal payments do not exceed 2,000 GEL. This is a financial liability of more than 600,000 people towards banks, online organisations or various financial institutions, which totals 1.5 billion GEL. In accordance with today's decision, these loans will be written off," the PM said,

"This category includes almost 150,000 socially vulnerable citizens and tens of thousands of our disabled citizens," Agenda.ge cited Bakhtadze as saying.

The process of annulment of the loans will start on December 15 and continue until December 31. In this period a total of 1.5 billion GEL will be written-off.

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