"Zhoghovurd" daily writes:
"According to the information provided by the Central Bureau of Investigation, in 2024 as of October 1, the number of borrowers "individuals with unreliable credit" is about 341,000, and the borrowers who are classified as "unreliable" and meet the above conditions are about 218 thousand.
In order to remove people with "unreliable loans" from informal employment and restore their economic activity, in 2025 from February 1, a program will be launched in Armenia, according to which the state is ready to help those with "unreliable credit" to pay off the loan by directing the income tax generated from the salary to repay the loan.
"Zhoghovurd" daily newspaper has learned from the Ministry of Labor and Social Affairs that the program, which is implemented by the Ministry of Social Affairs and whose purpose is to stimulate the economic activity of persons with "unreliable loans", will be launched from February 1 and will include those persons with credit obligations, whose sum of principal amounts of all loans, as of the date of application, is less than 1 million drams, and these loans are classified as "unreliable" for at least 3 years.
"Zhoghovurd" daily newspaper tried to find out how many of those who became "unreliable borrowers" have jobs and how much money will be allocated to support people with loans.
The ministry reports that up to 20% of "unreliable borrowers" have formal employment. the rest either do not have a job or are in informal employment. The basis of the project is that it is not the state that allocates money from the budget, but it is transferred from a person's salary. "Before this project, the amount of confiscated money was 50 percent.
With this decision, instead of 50%, 20% will be set for a period of 24 months," it was said in response to the questions of "Zhoghovurd" daily newspaper. Those who have registered employment will be able to apply for the program, which will be launched in February.
"The program to promote the economic activity of people with bad credit will not be implemented at the expense of other taxpayers, but the person in question will work and the amount of support for repayment of his loan will be equal to the amount of income tax calculated from his own salary," the ministry reports.
In other words, the state will not direct other money to pay off the unreliable loan, but what will be collected as income tax for the work of the given person.
It is expected that about 60% of the potential beneficiaries will become beneficiaries of the program by January 31, 2026 and begin to repay their loan obligations.
It seems that the program is ideal, but it is worth noting that the income tax, which was supposed to increase the state budget, will not be increased, but it will pay off loans. This is done when the state budget of Armenia is organized with a severe deficit, and to fill the deficit, the tax code is changed and taxes are increased.
This proves the incorrect organization of the financial sector."
