Citizens Who Lost Jobs to Benefit from Additional 3-Month Grace Period on Loans

Citizens who have lost their jobs or whose incomes have been reduced amid the pandemic will have their bank loans deferred for another three months, Prime Minister Giorgi Gakharia announced on May 21.

The head of the government emphasized that it will happen without capitalization of interest, which is extremely important.

"As a result of the cooperation between the Government of Georgia, the National Bank and the banking sector, we made a joint decision at the very first stage of the crisis to offer a three-month grace period on loans to our citizens. At yesterday's meeting, we made a joint, agreed decision to allow those who lost their jobs or whose incomes have been reduced amid the pandemic to benefit from another 3-month grace period on loans," the PM said. 

In addition, all citizens whose incomes have been reduced during the crisis and have a loan can apply to the bank and have their credit interest deferred for three months, which will be done without capitalization of interest. 

By Ana Dumbadze 

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