Since the beginning of the global pandemic, Kazakhstanis who are heavily reliant on loans have plunged even deeper into debt.
For many citizens of this Central Asian state, they have turned to loans in an attempt to help offset uneven income growth over the past decade – to fulfil basic consumer needs, but also to pay for healthcare and property.
But during 2020 and this year, for many people, loans temporarily replaced wages. Many businesses and institutions were forced to suspend operations after the government announced a lockdown in March last year. The situation remained uncertain. Lockdowns were introduced and relaxed unpredictably by the authorities of the larger cities. This unstable situation meant businesses and institutions could not resume work, and as a result, many people have faced declining incomes or have lost their jobs.
