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Finance Ministry to Tackle Problems with Bad Mortgage Loans

Ministry of Finance of Georgia is studying the problems associated with debtors on mortgage loans, the approach to which will be differentiated – the Finance Minister Nodar Khaduri announced  in response to the accusations of the opposition as if the government does nothing to alleviate their plight.

“During the pre- election campaign  Georgian Dream promised to help debtors with a solution to their problems, in particular, by granting low-interest and long-term loans, but in reality nothing is done – despite the fact that they regularly hold protests which are left without attention,”- say in the opposition.

These charges are categorically denied by Finance Minister Nodar Khaduri. According to him, he always meets with debtors on mortgage loans, and the issue is under investigation by the Ministry of Finance and the Ministry of Justice.

In his words, the approach to the debtors will be differentiated, although he  did not specify what it meant.

“Georgian Dream” has been in power for 2 years, but there is no vision about how to solve the problem of mortgage debtors whose property is increasingly transferred to the ownership of banks, microfinance institutions, and private moneylenders.