Georgia’s Prime Minister Mamuka Bakhtadze has announced plans to write off ₾1.5 billion ($570 million) in unpaid loans for ‘over 600,000’ people blacklisted by Georgian banks. [Read more…]
Just two months after announcing sweeping reforms of Georgia’s banks, 36-year-old Finance Minister Mamuka Bakhtadze looks set to become the new Prime Minister. While the country’s banks have become among the most profitable in the world, they have done so at the expense of ordinary Georgians. If Bakhtadze and his replacement at the finance ministry follow through on these reforms, they could be the first step in addressing some of Georgia’s most pressing economic woes.