During the last days, the UK government took a decision, according to wich the loans of about 218 thousand citizens of the UK were considered unreliable up to 1 million drams, and up to 2 million drams with fines, which can be reduced 4 times.
– to work for any employer, to become a registered employee,
– return the income tax from the salary to the state budget, which is aimed at repaying the loan,
– instead of 50 percent of the salary, confiscate 20 percent, and direct the rest to repay the loan.
The process will last for 24 months.
Therefore, taking into account the number of borrowers in the context of this event and participation of at least 50 percent of them, we can make the following calculation.
If 100,000 out of 218,000 borrowers participate in this event and register an average nominal monthly salary of AMD 150,000, the income tax will be as follows:
on a monthly basis:
• 20 percent confiscation of money from salary, another 3 billion drams,
• 3 billion * 12 months: 36 billion plays, 72 billion for 2 years. AMD
• in case of confiscation amount: 3 billion * 12 months: 36 billion drams and again for 2 years: 72 billion drams.
So,banks will get 144 billion drams in 2 years.
To have a positive credit history, this is good for our citizens because people can get loans again, accounts will be free from foreclosure, etc.
In fact, it is not good for the state budget, minus 72 billion drams in two years, and if all the beneficiaries participate, there will be a deficit of about 150 billion drams from the budget.
But it will be the most profitable for the banks, which will recieve about 300 billion drams, if all the beneficiaries participate.
Now, the question arises whether our banks have serious problems or not.
bring daily wage workers into the field of light, we are talking about micro-buisness, which was rejected at that time The question arises, why?
And we also consider it necesary to remember that back in 2021, Gagik Tsarukyan and his team offered to pay up to 3 million drams in loans, whose beneficiaries were about 1.8 million citizens, but it would not be at the expense of the state budget.
Though, if our citizens with unreliable loans can feel good, then it is indeed not bad, it is also not bad that the proposal three years ago is partially implemented by another mechanism.
Mikael Melkumyan
Isaiah shakes
New Economic Wave Project