The financial liabilities of more than 600,000 citizens to banks, online organizations, or a variety of other financial institutions, will be annulled. Georgia’s Prime Minister Mamuka Bakhtadze made this statement at the briefing today.

According to him, debt annulment will start on December 15 to be completed on December 31.

As the Prime Minister noted, this process will be implemented with the support of Cartu Foundation.

“I am especially thankful to the Cartu Charity Foundation. Without its support, this extremely important initiative would never be carried out. I would like to inform the public that almost 95% of the debts on the black list consist of loans with a principle sum not exceeding 2,000 GEL. We are talking about the financial responsibility of more than 600,000 citizens to banks, online organizations, or a variety of other financial institutions, their debts amounting to about 1.5 billion GEL. Today’s decision annuls this 1.5 billion GEL debt of our citizens. Notably, this category includes almost 150,000 socially vulnerable persons and tens of thousands of our citizens with limited abilities”,  – said Mamuka Bakhtadze.