PM: Debt Forgiveness Program Successfully Completed

Georgian Prime Minister Mamuka Bakhtadze stated that the loan annulment program of black-listed bank debtors has been successfully completed.

Starting on December 15, 2018, the Government of Georgia began annulling the debts of over 600,000 citizens, 150,000 of whom are socially vulnerable, whose loans at banks do not exceed 2000 GEL ($748).

Cartu Foundation, established by the Founder and Chair of the ruling Georgian Dream Bidzina Ivanishvili, agreed to take full responsibility for paying off the debts of those 600,000 people on the financial black list.

The PM noted that 38 financial organizations participated in the process within the period of December 15-31, 2018, while 14 more creditors expressed their willingness to engage in the initiative in the period of January 1-15, 2019.

"Unfortunately, a small number of financial organizations were left beyond the scope of the project. We call upon them to write off the loans of their black-listed debtors on their own, as those did that already announced willingness to follow the initiative,” he said.

By Thea Morrison

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