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Saturday, October 19th, 2019

Tokayev instructed to take measures to reduce the debt burden on citizens

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The President of Kazakhstan, KasymZhomart Tokayev, has made a decision to reduce the debt burden on the citizens of the Republic of Kazakhstan, the press service of Akorda reports.

In order to provide timely assistance in reducing the debt burden of the citizens of the Republic of Kazakhstan who have difficulties in their lives, I DECIDE:

1. The Government of the Republic of Kazakhstan shall issue collateral consumer loans in the secondtier banks and microfinance institutions in the following cases:

1) Debtors under this loan are families with large families, families with disabled children, children with disabilities, persons older than 18, children with disabilities, receiving state social assistance, orphans, deprived of their parents up to juvenile, twentynine underaged, children left without parental care;

2) total debt on debt as of June 1, 2019 does not exceed 3 000 000 (three million) tenge;

3) to make onetime repayment to one borrower on June 1, 2019, if the amount of debt payable consisting of principal and accrued interest does not exceed 300 000 (three hundred thousand) tenge, the resolution said.

The Government of the Republic of Kazakhstan, the National Bank of the Republic of Kazakhstan:

1) writeoff of penalties and fines accrued as of July 1, 2019 of the citizens of the Republic of Kazakhstan having collateral consumer loans in banks and microfinance organizations;

2) together with the governors of NurSultan, Almaty, Shymkent and oblasts to take other measures to implement this Decree.

3. The National Bank of the Republic of Kazakhstan shall take measures to strengthen the responsibility of financial organizations, which have received excessive risks:

1) the prohibition of calculation of forfeit, commissions and other payments connected with issuance and servicing of credit on all noncollateral consumer loans of individuals, overdue debt more than 90 days;

2) the prohibition of lending to the citizens, whose income is below the subsistence level;

3) to take strict regulatory measures, providing additional regulatory measures when issuing noncollateral consumer loans.

4. Control of execution of this Decree shall be entrusted to Administration of the President of the Republic of Kazakhstan.

5. This Decree becomes effective from the date of signing.

Source: Kazakhtan 2050

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