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Government to Write off about 1.5 billion GEL Debts of Georgian Citizens

On November 19 Prime Minister of Georgia Mamuka Bakhtadze held a news conference and announced government plans for writing off debts of about 600 000 citizens of Georgia that they owe to finance institutions. Bakhtadze made the statement before the government meeting,.

“We have conducted long and hard negotiations with both banking and nonbank companies and they shared our positions and we have reached agreement. I would like to express gratitude to Cartu foundation.

The principal sum of 95% of the debts in the so-called Black List does not exceed 2000 GEL. Total amount of these debts is about 1.5 billion GEL. All these debts will be zeroed. This category includes thousands of socially vulnerable citizens. Writing off will start on December 15 and end on December 31. 600 000 citizens will meet the New Year without debts”, the Prime Minister said.