Kazakhstan to write off debts and fines to citizens who have unsecured loans: Tokayev

AKIPRESS.COM - Kazakhstanis that have unsecured loans will be written off their debts and fines, President Kassym-Jomart Tokayev said today during the media award ceremony, Zakon.kz reports.
"I receive a lot of appeals from citizens with the request to help with payment of consumer unsecured loans. The most socially vulnerable citizens now fell into difficult life situation, when they can not handle their loan obligations. Therefore, I ordered the government to take a one-time action. As a direct financial aid, each loan borrower will be written off debt," he said.
According to him, this means 255 thousand people will be written off full debts, including the principal debt and the amount of remuneration.
The head of state noted Kazakhstanis found themselves in a debt trap without the ability to pay a loan and said this should not happen in future.
In this regard, Tokayev ordered the National Bank to take tough measures and strengthen the responsibility of financial organizations and impose a ban on granting loans to citizens with incomes below the minimum wage to prevent further deterioration in their financial condition.