Georgian government cancels banking obligations of citizens in amount of over $600 million


November 19, Fineko/ The government of Georgia made a decision to cancel the debts of citizens to banks and other financial institutions in the amount of about 1.5 billion Georgian lari (over $600 million).

Prime Minister Mamuka Bakhtadze said that about 600,000 people of the country will be "cleared" of debts. According to the National Statistics Service of Georgia, less than 4 million people are living in the country.

The PM announced the decision to write off debts after government’s meeting. Bakhtadze explained that almost 95% of loan debts recorded in the black list consists of loans whose main amount does not exceed 2,000 lari (about $750). He stressed that speech is about the financial obligations of more than 600,000 citizens in relation to banks, online organizations or various financial institutions, which amounts to about 1.5 bn lari.