About 900 approved applications for participation in bad loan  repayment programme in Armenia 

ArmInfo. As of February 11, there are already about 900 approved applications for participation in the program for repayment of bad loans. This was announced on February 11 from the rostrum of the National Assembly of the Republic  of Armenia by Deputy Minister of Labor and Social Affairs David  Khachatryan.

According to him, the state assistance program was launched on February 1 of this year, and its first results are encouraging.  Moreover, about 8% of beneficiaries were able to find employment in December and, thus, get the opportunity to participate in the project.

Recall that according to the program, in Armenia, the income tax of working citizens with bad debts (for at least 3 years) is planned to be used to repay the loan. The amount of the borrower's principal debt should not exceed 1 million drams. In addition, if the beneficiary of the program is recognized, the amount of the sum confiscated from the salary will be set at 20% instead of the current 50%.

As of October 1, 2024, the number of borrowers - individuals with a bad credit history is about 341 thousand, and their credit burden is about 642 billion drams. In the annual context, the figure has increased by almost 100 billion drams. In this regard, the authorities are thinking about developing a project for individuals with overdue debt.