Bank Loan Annulment Website Activated in Georgia
A special website www.vali.ge has been activated by the Georgian government in order to let the citizens know their debt status within the so-called Black List of Debtors.
At the first stage, data will be uploaded for the customers of Bank of Georgia JSC, TBC Bank JSC and Liberty Bank JSC.
The citizens should indicate their ID number and date of birth in order to find out if their loans in banks will be annulled.
A recent government initiative, which envisages writing-off the loans of 600,000 black-listed Georgians, means that the banks will select those customers who have been unable to cover their debts, which do not exceed GEL 2000.
Georgian financial institutions already signed the memorandum with Cartu Foundation, a fund owned by ruling Georgian Dream founder and chair, billionaire Bidzina Ivanishvili, which is ready to cover the total amount of such debts, reaching 1.6 billion GEL.
Of the total 600,000 people, 150,000 are socially vulnerable.
In addition, 12 financial organizations added they would write-off debts of the socially vulnerable people without asking for compensation from Cartu.
The process of annulling people’s debts will be finished by December 31.
Georgian Prime Minister Mamuka Bakhtadze said the database will be updated on a regular basis every single day.
"Agreements are being concluded with financial institutions. Starting from December 15 through the end of month individuals will be periodically removed from the Black List of Defaulting Debtors and thus majority of our citizens and their families will celebrate the New Year's Eve without this pressing problem," said the PM.
He noted that by the end of month individuals will be periodically removed from the Black List of Defaulting Debtors and thus the majority of Georgian citizens and their families will celebrate the New Year's Eve without debts.
“We are confident that this one-off social solidarity initiative will significantly ease the burden of debt experienced by our citizens and will ultimately enable them to get engaged again in the economic activities,” Bakhtadze announced.
By Thea Morrison
Photo source: Netgazeti
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