The Armenian government on Thursday announced a measure to support grape growers, winemakers and brandy producers, who are among the hardest hit in the coronavirus pandemic.
According to the official figures, both the home sales and exports of the products have dropped by more than 30 percent due to the coronavirus crisis.
“All this has affected the companies in two ways: first, they have seen a decrease in monetary income due to a drop in sales, and second, due to the deterioration of the conditions in this area, banks are more cautious and reluctant to provide loans,” Minister of Economy Tigran Khachatryan told a weekly cabinet meeting, presenting the support program.
Under the support program, subsidized loans will be provided to grape suppliers, brandy and wine companies, while the government will fully subsidize the interests on the loans.
This is the 24th measure announced by the government to mitigate the economic impact of the pandemic.