NEWS

It amounts to 566 million dollars and is one of the main reasons for the poverty of the population, which adds 3.7 million people.

The Government of Georgia has decided to cancel the bank debts of more than 600,000 citizens of the country who are on the "black list" of defaulters, said today Prime Minister Mamuka Bakhtadze.

According to the president at a press conference, the debt of citizens in banks, credit organizations or other financial institutions amounts to around 1,500 million laris (about 566 million dollars).

"The debt of 600,000 of our citizens will be completely covered by the charitable foundation" Kartu ", which bought these debts", confirmed the Minister of Finance of Georgia, Ivane Machavariani.

"Our population will fulfill the New Year without debts, the heaviest burden will be eliminated from our population," Bakhtadze emphasized.

He pointed out that debts are one of the main reasons for the poverty of the Georgian population, which amounts to 3.7 million people.

The prime minister believes that the cancellation of debts will allow hundreds of thousands of citizens to "take off their wives and go back to developing a large-scale economic activity."

He thanked the banks and other financial institutions that participated in the negotiations with the Government to achieve this goal, and especially appreciated the involvement of the charitable foundation "Kartu".

The "Kartu" Foundation is owned by billionaire bidzina Ivanishvili, former prime minister of Georgia and president of the ruling party, Georgian Dream.

He is the richest man in Georgia and Forbes magazine estimates his fortune at 4,600 million dollars.

The opposition said the government's initiative is linked to the second round of the presidential elections in Georgia, to be held on November 28, at which two former foreign ministers will be measured: Salome Zurabishvili, supported by the ruling party, and Grigol Vashadze, from the United National Movement party of former President Mikhail Saakashvili.

"The initiative to alleviate debts belongs to the opposition. To become a candidate, you must win. Otherwise, the ruling party will not fulfill this promise, "Vashadze said.