Approximately 220,000 Individuals Have Hopeless Loans: Government to Assist Them

In Armenia, there are 218,000 individuals who have hopeless credit obligations of at least 1 million drams for a minimum of three years. This issue was discussed during today’s government meeting.

A decision was made to implement a state support program for these individuals. Many of them are listed on the banking system's blacklists and face issues with the enforcement of judicial acts.

Through the support program, these individuals will have the opportunity to obtain formal employment, where only 20% of their salary will be seized instead of the previously proposed 50%. The remaining amount will be financed by the government.

Additionally, 80% of the penalties and fines resulting from non-payment of loan obligations will be waived by the banks.

Minister of Labor and Social Affairs, Narek Mkrtchyan, stated that a digital platform is being created through which citizens can apply and become beneficiaries of this program.

The program will come into force in February 2025 and will operate for two years.