Tokayev instructed to pay off debts on loans of large families and the disabled
President of the Republic of Kazakhstan Kassym-Jomart Tokayev instructed the Government to take measures to repay the debts of citizens in difficult situations in second-tier banks and microfinance organizations on unsecured consumer loans. The implementation of this Decree will have a positive impact on the socio-economic situation and will contribute to reducing the debt burden of citizens of the Republic of Kazakhstan. Decree of the President of the Republic of Kazakhstan dated June 26, 2019 No. 34 "On measures to reduce the debt burden of citizens of the Republic of Kazakhstan"
In order to provide timely assistance to reduce the debt burden on citizens of the Republic of Kazakhstan who find themselves in a difficult life situation,
I DECREE:
The Government of the Republic of Kazakhstan should take measures on a one-time basis to repay unsecured consumer loans in second-tier banks and microfinance organizations on the following terms:
1) debtors on these loans are large families, families receiving survivor's benefits, families with disabled children who have been disabled since childhood over the age of 18, recipients of state targeted social assistance; orphans, children left without parental care, under the age of twenty-nine, who lost their parents before adulthood 2) the total debt on the loan does not exceed KZT 3,000,000 (three million) as of June 1, 2019; 3) the amount of debt to be repaid, consisting of the principal debt and accrued remuneration, as of June 1, 2019, does not exceed 300,000 (three hundred thousand) tenge per borrower. 2. The Government of the Republic of Kazakhstan, the National Bank of the Republic of Kazakhstan: 1) take measures to write off accrued fines and penalties to citizens of the Republic of Kazakhstan who have unsecured consumer loans from banks and microfinance organizations as of July 1, 2019; 2) jointly with the akims of the cities of Nur-Sultan, Almaty, Shymkent and the regions, take other measures to implement this Decree.
The National Bank of the Republic of Kazakhstan should take a set of regulatory measures to strengthen the responsibility of financial institutions, including:
1) a ban on the accrual of penalties, commissions and other payments related to the issuance and servicing of loans for all unsecured consumer loans of individuals with overdue debts of more than 90 days; 2) a ban on the provision of loans to citizens with incomes below the subsistence level; 3) additional regulatory measures for the issuance of unsecured consumer loans.
Control over the implementation of this Decree is entrusted to the Administration of the President of the Republic of Kazakhstan.
This Decree comes into effect from the date of signing.
President
Republic of Kazakhstan To.Tokayev
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