ArmInfo. 14,757 applications have been submitted under the program of the Ministry of Labor and Social Affairs of Armenia aimed at supporting citizens with bad loans. This was announced during a press conference on July 11 by Armen Margaryan, Head of the Family Benefits Department of the Department for Pension Provision and Other Cash Payments of the Ministry of Labor and Social Affairs.
He noted that of this number, 4,400 applications have already been confirmed that met the criteria of the program (the citizen must be employed, have a bad loan for at least 3 years, the maternity amount of which must not exceed 1 million drams).
According to Margaryan, 398 million drams have already been allocated to implement the program. The program also contributed, as the representative of the Ministry noted, to an increase in employment, since in just one month about 1,000 people were employed in Armenia with the aim of becoming its beneficiaries.
Margaryan recalled that the program provides for the repayment of accumulated fines and penalties on the loan in the amount of 20% (the bank takes on the remaining 80%), which, as usual, are several times higher than the parent loan amount, through income tax.
He noted that applications for participation in the program can be submitted until January 31, 2026. Assistance to citizens with bad loans will be provided within 24 months. It is expected that at least 131,000 people (60% of the target group) will participate in the program by January 31, 2026. According to the financial rating of Armenian banks as of 31.03.25, prepared by ArmInfo Investment Company, based on published reports and additionally requested data, the volume of bad loans exceeds 70 billion drams.
