YEREVAN. - Prime Minister of Armenia Karen Karapetyan on Tuesday chaired a consultation in the Armenian Government, which was attended by the representatives of the banking system.

The Prime Minister underscored the importance of holding regular meetings with the sphere representatives, stressing that the new Government program will precisely include the priority areas and directions, which are considered to be efficient and promising for the development of business and economy.

“We will clearly state that the state will have its share and will subsidized the loan interests of the priority areas. This refers to the agriculture, light industry, leather processing, shoe production, carpet weaving, as well as export,” Karapetyan noted.

According to Karapetyan, the “diagnostics” in the agricultural sector showed that it is necessary to principally raise the efficiency, introducing drip systems, intensive orchards, greenhouse facilities and new agricultural equipment. “The Agriculture Ministry has developed formulas in these directions. We will stand with the farmers in the first two years of extinguishing the loan, subsidizing the overwhelming part of the loan interest—70-80 percent. We have also got such formulas for light industry,” the PM noted.

At the meeting, issues related to the funding of the export spheres, sale of assets in banks, loaning of different branches of economy, introduction of the business Ombudsman’s office, etc. were discussed.

The banking system representatives welcomed the initiatives of the Government, particularly the active work of the Armenian export insurance agency aimed at solving the issues of exporters. It was also noted that this institution greatly contributes to the reduction of loan risks.