Armenia develops business aid package for eliminating COVID19 consequences

YEREVAN, MARCH 23, ARMENPRESS. PM Nikol Pashinyan has unveiled the first draft package of the measures aimed at eliminating the economic consequences due to the COVID19 pandemic.

“The goal of this measure is to support the mitigation of risks related to forecast current consumption of individual businesses in Armenia”, he said. Pashinyan said that any resident private commercial organization or entrepreneur (who has been active for at least the past one year in Armenia and has a good loan and tax history) in Armenia is covered by the measure (exceptions include banks, credit organizations, insurance companies and pawnbrokers).

Pashinyan said that the support will be provided to the businesses in the form of co-financing, re-financing and interest rate subsidizing of targeted loans received by licensed banks or credit organizations active in Armenia.

The central bank and the finance ministry will define the technical process of applying the tools, he said.

Edited and translated by Stepan Kocharyan