Consumer debt has surged in Kazakhstan and Uzbekistan following the COVID-19 crisis, with over-indebtedness and consumer defaults reaching remarkable levels. In 2023, the two countrieswith support from the World Bankintroduced A preliminary assessment now suggests that while Uzbekistans system could deliver promising results, Kazakhstans system may fall short in relieving consumers from over-indebtedness, unless the authorities double down on critical additional reforms.
Kazakhstans banksmainly due to poor lending practices in the pastexperienced high loan losses from corporate loans, which, together with other f…
Read the full article at: https://blogs.worldbank.org/psd/new-beginnings-resolving-consumer-insolvencies-central-asia