The process of annulment of loans will start on December 15 and finish on December 31, 600 000 citizens will be removed from the register of debtors and meet the New Year without debts, - Prime Minister Mamuka Bakhtadze said at a briefing on Monday.

He said that the problem of the citizens, affected by so-called “usurers”, still remains as an acute challenge.

“I want to tell you that we are actively working in this direction and I hope that we will achieve a positive result in this part too. Our approach is to overcome the problem of excessive debt, as a risk and a heavy-burden…Elimination of the excessive debt is a precondition for poverty defeat. Today's decision will allow hundreds of thousands of our fellow citizens to get involved in the economic and social life of the country, which will make our economy more sustainable and the banking sector healthier,” the Prime Minister said.