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Kazakhstan government will spend £220million to clear the debts of 500,000 people

500,000 people’s debts will be CLEARED by Kazakhstan government: Officials will spend £220million in bid to help country’s poorest

  • 500,000 people will have their debts cleared by the Kazakhstan government
  • Officials will spend £220million to write off debt owed on loans or other arrears
  • President Kasym-Jomart Tokayev signed the presidential decree on June 26  
  • It aims to lighten the debt burden among vulnerable sections of the population

President Kasym-Jomart Tokayev signed a presidential decree on June 26 where 500,000 people in Kazakhstan will have their debts paid by the government in a bid to help the country’s poorest

Half a million people in Kazakhstan will have their debts paid by the government in a bid to help the country’s poorest.

Officials will spend up to £220million (105 billion Kazakhstani tenge) to write off debt owed on loans or other arrears.

It comes after President Kasym-Jomart Tokayev signed a presidential decree on June 26 which would ‘reduce the debt burden on citizens of the Republic of Kazakhstan’. 

To be eligible, debts must not exceed three million Kazakhstani tenge (KZT), around £6,346.

The state will repay the debt and any interest up to a maximum of £635 (300,00 KZT). 

The government programme is aimed at orphans, large families and people with disabilities or vulnerable families that receive help because of the loss of a breadwinner.

He warned it was a one-time action.

Kazakhstan’s Deputy Minister of Labour and Social Protection Svetlana Zhakupova said the state would use budgetary funds to repay the debts.

Baiterek in Nur-Sultan, Kazakhstan. Officials will spend up to £220million (105 billion Kazakhstani tenge) to write off debt owed on loans or other arrears

Baiterek in Nur-Sultan, Kazakhstan. Officials will spend up to £220million (105 billion Kazakhstani tenge) to write off debt owed on loans or other arrears

Kazakhstan is one of the most flourishing countries in central Asia and is 57th out of 144 countries in the World Economic Forum’s Global Competitiveness Ranking — ahead of South Africa, Brazil and Turkey.

According to World Bank data, the average annual income in Kazakhstan is £6,398. (3.03 million KTZ).

Read more at DailyMail.co.uk


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