Faced with a crisis, some areas of business will have financial difficulties; we offer crisis loan portfolios to businesses. Prime Minister Nikol Pashinyan stated this at today's session of the government of Armenia.

Also, he presented the essence of this loan portfolio, which is as follows: 50 percent of the financing is provided by commercial banks and credit organizations, and the other 50 percent is funded by the government. The government loans will be interest-free, and the interest on the bank loans will also be subsidized by the government. That is to say, the businesses get loans at zero percent interest.

As per the PM, these loans may be used for the following purposes:

To the businesses: employees' salaries and respective tax payments.

The second direction is the purchase or import of raw materials if the whole raw materials are to be used in order to get ready-made products in Armenia and the borrower has necessary production capacity.

Third, the import of tools and equipment (…), if they shall be used toward organizing and expanding production in Armenia.

Fourth: making energy, water, and natural gas expenses.

Fifth: in the case of food imported by trading companies, when the purchased or imported goods shall be sold in Armenia.

Sixth: buying or importing fertilizers, seedlings, or agricultural raw material if the whole volume is to be used in Armenia.

The Prime Minister also presented the main requirements for these loans. "The loan must be in drams, the part given by the bank may be in foreign currency," he said. “The term will be up to 24 months. The maximum loan amount is 500 million drams. Loans can only be used with non-cash and bank transfers; the maximum integral percentage 0-6% per annum."

Pashinyan added that this proposal will undergo public debate within the next 1-2 days, and when ready, the government will approve it.