Minister explained what is wrong with the loan program 5-7-9%


Banks refuse to take the risk of releasing funds under the state program

The minister explained what is wrong with the loan program of 5-7-9%: “It will not work.” Photo: Focus

Economic Development Minister Igor Petrasco said that the state program of loans of 5-7-9% did not, in fact, function at full capacity. The reason is that banks do not want to risk issuing funds. According to the minister, in the three months of the program, all partner banks issued 451 loans totaling 276 million hryvnia.

“It is too short. And we understand that this will no longer work, because banks do not want to risk releasing funds. Therefore, portfolio guarantees can become an engine of lending, ”said Petrashko.

The minister also recalled that at the moment the state is ready to undertake 5-7-9% of the program with an annual turnover of 10 million euros to compensate the repayment of interest on the loan for one year.

Petrashko stated that 4 billion UAH was allocated for this direction. If the state needs more money to pay interest, the government is ready to make changes in the state budget.

The reference PAYSPACE magazine

Remember that most banks in quarantine offer borrowers a flexible loan payment schedule, which includes the following options:

  • Debt holidays on the body of the loan with the protection of interest payments.
  • Full credit holidays represent actual referrals of payments.
  • Restructuring monthly payments in more economical amounts.

Details are in the PaySpace magazine loan statement.

Read: No Late Fees: Increased credit holidays in Ukraine.

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