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  • Tokayev instructed to take measures on reducing debt burden
26 June, 2019 15:31

Tokayev instructed to take measures on reducing debt burden

President of Kazakhstan, Kassym-Jomart Tokayev, instructed to take measures in order to reduce the debt burden on citizens who found themselves in a difficult life situation, having signed a corresponding decree, the press service of Akorda informed.
Tokayev instructed to take measures on reducing debt burden | Strategy2050.kz

“The Government of the Republic of Kazakhstan, on a one-time basis, must take measures to repay unsecured consumer loans in second-tier banks and microfinance organizations on the following terms:

1) debtors are families with many children, families receiving payments on the occasion of the loss of a breadwinner, families with disabled children, the disabled since childhood over 18 years old, recipients of state targeted social assistance; orphans, children left without parental care, under the age of twenty-nine, lost their parents until the age of majority;

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

3) the amount of repaid debt consisting of the principal debt and the accrued interest on it does not exceed 300,000 (three hundred thousand) tenge per borrower as of June 1, 2019”, the decree reads.

The Head of State instructed the Government and the National Bank:

1) to take measures on debt amortization of Kazakh citizens who have unsecured consumer loans in banks and microfinance organizations, accrued fines and penalties as of July 1, 2019;

2) to take other measures to implement this decree together with the Mayor’s and Governor’s Offices of the cities of Nur-Sultan, Almaty, Shymkent and the regions.

The National Bank of Kazakhstan will take a set of regulatory measures to strengthen the responsibility of financial organizations, including:

1) prohibition of the accrual of penalties, commissions and other payments related to the issuance and servicing of the loan for all unsecured consumer loans of individuals with overdue debts of more than 90 days;

2) ban on the provision of loans to citizens with incomes below the subsistence minimum;

3) additional regulatory measures in the issuance of unsecured consumer loans.

Control over the execution of the decree is entrusted to the Administration of the President of Kazakhstan and enters into force from the date of signing.

chronicle 2050

SMEs will make up at least 50% of the GDP

abour productivity will reach up to $126 000 and 3 to 6 y.o. kids will have 100% access to pre-school education in Kazakhstan.

Kazakhstan will fully satisfy its own market of POL in compliance with the new environmental standards

The share of non-primary exports in total exports will double and triple by 2040

Transition to Latin graphics will commence

95% of the population will speak Kazakh

15% of the area under cultivation will make use of water-saving technologies.

The issue of providing water for irrigation will be resolve

GDP per capita will stand at $60 000

The urban population will represent 70% of the total population in Kazakhstan