Labour Party demands rescheduling of personal debts

The first thing the new Minister of Economy Zurab Pololikashvili did after being appointed was to announce a one year repayment delay for those who took out cheap credit offered by the Government before the recession and last year’s Russian invasion. As soon as this initiative was aired, the Labour Party demanded that ordinary citizens who took loans from commercial banks and now face the same problems should be given the same privilege. According to rough estimates there are around 250,000 such creditors. Political Secretary of the Labour Party Kakha Dzagania suggested that the state should allot special funds to the banks to help them restructure people’s debt repayments.

The number of so-called bad loans has been increasing since 2008. Every month several thousand new people or companies have their names added to the list of defaulters. Some economic analysts are skeptical about Labour’s idea, thinking that the state does not have the resources to help such a huge number of people any more than the banks have. They suggest however that people who directly suffered as a result of the Russian aggression last year could be abstracted from the list and helped.