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Armenian Government Develops Multi-Billion Business Aid Packages

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

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.

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