Kazakh President Kassym-Jomart Tokayev Writes-off Millions of Dollars of People's Debts

Kazakh President Kassym-Jomart Tokayev ordered a write-off of millions of dollars in debt for some of the poorest families in the country. The decision will release a total of 255,000 people from debt while at the same time alleviating the situation of thousands of others.

The order, which was published yesterday, says that the measure would be available to a number of disadvantaged groups as well as families with many children.

The order also includes restrictions targeting creditors, including  "a ban on the provision of loans to citizens with incomes below the subsistence minimum" and additional "measures for the issuance of unsecured consumer loans".

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