Government approves debt relief measure

PanARMENIAN.Net - Under a government decision, certain loan obligations held by people displaced from Artsakh before 2023 will be forgiven if those debts were transferred to the Republic of Armenia and are currently in the enforcement stage.

The decision also applies to enforcement cases secured by movable property collateral (excluding gold items), provided that the principal amount of the loan did not exceed 5 million drams per borrower on the date the obligation was transferred to the state, Armenpress reports.

Citizens covered by the measure will be fully exempt from paying enforcement-related costs.

Restrictions and freezes imposed on their property and bank accounts will also be removed.

The Compulsory Enforcement Service will terminate the relevant proceedings based on notifications received from Armenia’s Ministry of Finance, without requiring the participation of the borrower.