Measures put in place by the Kosovo Central Bank to allow a grace period on loan repayments due to the coronavirus crisis have turned sour for many borrowers, who now find themselves with larger debts.
The possibility to withdraw 10 per cent of pension savings announced by the government last week is useless for the social groups worst hit by the pandemic and puts the future financial security of those who may decide to withdraw at serious risk.
Despite the devastating repercussions that the coronavirus outbreak has had on people’s lives, the Kosovo media continues to focus on political games instead of discussions about how to salvage the economy.
Incumbent finance minister Besnik Bislimi joined BIRN’s Jeta ne Kosove TV show on Thursday, sharing economic forecasts and addressing the implementation of Kosovo’s emergency fiscal package in the wake of the coronavirus pandemic.
Kosovo’s informal economy, a cycle of tax evasion by businesses, elusive governmental oversight and exploitation of workers, will continue to run until political will to formalize the system emerges.