March 19, 2020 - 12:30 AMT
Armenia will offer interest-free loans within coronavirus aid package

The government on Thursday, March 19 discussed issues related to the settlement of the economic crisis caused by the novel coronavirus.

Prime Minister Nikol Pashinyan unveiled the details of an economic aid package introduced the day before.

A portion of the package will be used for business loans, he said, with the government and banks sharing the financing.

The government will provide funds interest-free and subsidize those provided by the banks and credit organizations, which means borrowers will receive loans completely interest-free.

The money can be spent on paying salaries and taxes, purchasing and importing raw materials or equipment, covering electricity, water and gas costs

Pashinyan on Wednesday announced a AMD 150 billion ($305 million) economic aid package aimed at easing the impacts of the novel coronavirus.

Armenia declared a 30-day state of emergency on Monday and banned citizens of 16 nations from entering the country.

So far, one person has recovered from the coronavirus and 115 cases have been confirmed overall in the country.