Government Approves Draft Measure for Addressing Economic Impact of Coronavirus

The government has approved the draft decision on the "Twenty-Third Measure to Mitigate the Economic Consequences of the Coronavirus."

The decision is prompted by the difficulties encountered by economic operators in certain sectors directly related to tourism as a result of the spread of coronavirus, which necessitates ensuring the continuity of their activities and the preservation of jobs. This was stated by Minister of Economy Tigran Khachatryan during a government session.

According to him, the spread of the virus, the decline in tourist flows, and the restrictions imposed on certain types of economic activities have led to a decrease of around 70% in sales turnover in the tourism, accommodation, and public catering sectors.

“The financial difficulties faced by operators in the mentioned sectors of tourism have created problems for their continued operation. In this situation, operators need to attract additional financial resources to ensure the continuity of their activities, retain effective jobs, and maintain existing knowledge systems,” he said.

The measure provides for the monthly provision of grants to legal entities or registered individual entrepreneurs who are not classified as micro-business entities and were established before March 31, 2020, provided they had at least three employees during the month of support provided as part of the measure. At least 50% of the entity's activities must have been related to the following sectors: 55 – Accommodation Services, 56 – Food Service Activities, 79 – Activities of Travel Agencies and Tour Operators, Reservation Services, and other services related to the tourism sector.

The adoption of this draft decision on the