IMF: Armenia’s COVID-19 Assistance Package Makes Up 2% Of Its GDP.

The coronavirus pandemic has impacted the economies of many countries significantly, causing an economic crisis and numerous social problems. To alleviate these effects, countries have taken various steps to provide social and economic assistance to the population and businesses, the Voice of America’s Armenian service reports.

According to the International Monetary Fund (IMF), the Armenian government declared a state of emergency on March 16, which was eased and lifted in May, with only a number of restrictions remaining in force. Armenia is the country with the highest number of coronavirus patients and deaths in the South Caucasus region. After the coronavirus lockdown was lifted, the number of new cases grew strongly to reach 7,113. The death toll stands at 87 people. The government has proposed a $300 million aid and incentive package, which makes up 2% of the country’s GDP, the IMF said.

It includes subsidized loans to support businesses affected by coronavirus, assistance to small businesses to pay the salaries of their employees, financial support to needy families, as well as people who have lost their jobs as a result of pandemic and other social groups. The aid also includes funding for utilities, for which the government has allocated around $138 million. According to the IMF, 18 social assistance packages have been adopted by the country.

H/T Panorama

Popular stories

Explore additional categories