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Finance Minster: Debts will be Thoroughly Covered and Bought by Cartu Foundation

“We would not be able to take this step without Cartu Foundation, which has fully understood relevance of the problem and has made this contribution to our country”, Minister of Finance Ivane Machavariani noted. Several rounds of negotiations were held with commercial banks and other financial institutions. All debts will be fully covered and bought by Cartu Foundation.

“statements as if we plan to cover the debts from the state budget are just speculations. The problem will be fully resolved by Cartu Foundation”, Ivane Machavariani said.

As reported, Prime Minister Mamuka Bakhtadze has proposed to write off all debts from 600 000 citizens of Georgia starting December 15. Total amount of the debts is 1.5 billon GEL.

Details of the procedures will be unveiled latter.