Dimitrieska-Kocoska: 40% of consumer loans are for citizens with below average salaries

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"The IMF in its report on Macedonia concludes that lending to the household sector
is steadily increasing and as of 2018 it is at 25% of GDP. The vulnerability identified
with regard to household sector lending is the fact that 40% of consumer loans are
taken by households, which have incomes below the average wage in Macedonia.
This poses a risk to the ability to service these debts in the event of economic
shocks and exposes these households to the risk of poverty and "debt slavery",
Deputy Finance Minister Gordana Dimitrieska-Kocoska told a news conference.
She added that according to the quarterly report (30.9.2019) on banking system
risks, household loans continue to grow on both a quarterly and annual basis, while
corporate loans decline. "This shows that all economic activity in society is slowing
down. There is serious corporate lending where we have a 3.2% decline in lending in
the third quarter of 2019 compared to the second quarter. She added that according
to the quarterly report (30.9.2019) on banking system risks, household loans
continue to grow on both a quarterly and annual basis, while corporate loans decline.
"This shows that all economic activity in society is slowing down. There is serious
corporate lending where we have a 3.2% decline in lending in the third quarter of
2019 compared to the second quarter.
She asked, what more should be added after such striking data in the Macedonian
economy?

"Following this IMF report, it comes to the conclusion that all the time I emphasize
and say that citizens are becoming more impoverished and forced to take out loans
to survive, while companies are getting less loans from banks because of the poor
state of the economy, that is, they think the risk is too big to invest. Citizens deserve
a better quality of life. The priority of the new Government, after April 12, will be
precisely the change of these harmful policies, in order to raise the standard of living
of the citizens", said Dimitrieska-Kocoska.

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