The Cartu Foundation [CF] has responded to the information circulating regarding the write-off of debts for individuals in various banks based on certain criteria, and has issued a special statement.

In a statement released today, the CF said false information about the 2018 debt forgiveness program had recently been spread online, prompting it to clarify the details of the initiative.

"Under the Act of Social Solidarity launched in 2018, it purchased problematic financial obligations totaling GEL 4,104,429,484. The program resulted in the forgiveness of 1,387,296 loans belonging to 615,164 individuals.

The initiative involved 55 banks and other financial institutions operating in Georgia and significantly eased the financial burden on hundreds of thousands of citizens while contributing to the improvement of the country`s financial environment.

Cartu Foundation purchased all loans that met the previously announced criteria, specifically debts with a principal amount not exceeding GEL 2,000 and for which borrowers had not paid interest during the preceding year.

The loans were acquired only from financial institutions that agreed to participate in the program.

Individuals affected by the initiative can verify their status and obtain relevant documentation through Georgia`s credit information bureau, Creditinfo.

CF once again declares that these obligations were purchased solely for the purpose of forgiveness, and any kind of claim by the foundation regarding these loans is excluded.

If a financial institution is currently demanding repayment of a loan from the period covered by the program, this is either a mistake that can be easily verified or the particular obligation did not satisfy the established criteria and therefore was not included in the 2018 initiative.

We call on all interested parties not to give in to the hype generated by unscrupulous individuals and to verify the status of their liabilities with the relevant institutions", - reads the statement.