Armenian government develops multi-billion business aid packages

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 12:39, 19 March, 2020

YEREVAN, MARCH 19, ARMENPRESS. The Government of Armenia is preparing two 25-billion-dram business aid packages for social assistance and business support amid the coronavirus crisis.

An additional 80-billion-dram fund will be developed aimed at re-organization of the economy and its positioning in accordance to the parameters of the post-crisis period, PM Nikol Pashinyan said at the Cabinet meeting.

Deputy PM Mher Grigoryan said the existing situation in the market leads to irregular consumer conditions, and the country must have financing tools to enable businesses pass the crisis period without significant damages or losses.

“Therefore we developed a number of potential loan products, namely 3 primary ones, which imply loan co-financing, loan re-financing and interest rate subsidization,” Grigoryan said on the 25 billion dram aid packages.

He said the government will introduce the kind of loan types which will enable businesses to remain in an stand-by state for a certain period of time, i.e. to take care of all expenses, not have interest rate burden, not have currency risks, but maintain employees and solve current communal issues.

He said this package will allow businesses to think about business development, and not about optimization.

 

Edited and translated by Stepan Kocharyan

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS