Armenian PM Unveils $305 Million Coronavirus Economic Aid Package.

Armenian Prime Minister Nikol Pashinian has promised that his government will provide at least 150 billion drams (over $300 million) in assistance to the economy, which is likely to be affected by the ongoing novel coronavirus pandemic.
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In an interview with Shant TV on Wednesday Pashinian said that areas in which assistance could prove most efficient in conditions of a modifying global economy will need to be identified.
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“The Armenian government will allocate a total of 25 billion drams (over $50 million) to co-finance and subsidize the interest rates of loans for companies that borrow money from Armenian banks in the national currency to pay salaries, taxes, bills and purchase raw materials,” he said.
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The prime minister said he viewed the current situation as “point zero” from which the “economic revolution” advocated by his government should start. “Now everything is collapsing and we get a large construction site. We should be thinking about building a new life, a new state, a new society, a new opportunity and a new economy on this site,” Pashinian said. “Industrial relations will collapse, and we will need to figure out where to invest money.”
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Pashinian said that in his opinion now is a good time to provide urgent support to agriculture and subsidize loans in this sector, thus encouraging people to engage in rural economy.
“We have prepared a package of 30 billion drams (over $60 million) for urgent social assistance to exclude the impoverishment of people,” the prime minister said, adding that citizens and businesses should be confident that the government will stand by them.
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Armenia declared a 30-day state of emergency on March 16 in a bid to slow down and contain the spread of the novel coronavirus infection. Limitations that concern international and local travel, public gatherings and other activities could potentially affect a number of private sector companies.
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As of late Wednesday Armenia has confirmed 110 coronavirus cases. Officials say the country’s first coronavirus patient identified on March 1 has recovered.
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H/T Azatutyun