Armenia to Allocate 10 Billion Drams Annually to Artsakh Over 10 Years

In accordance with a government decision, an agreement will be discussed between the governments of the Republic of Armenia and the Republic of Artsakh, under which Armenia will allocate up to 10 billion drams annually over the next ten years for state financial support of individuals and legal entities that have suffered material damage due to the war. This was announced by the Minister of Labor and Social Affairs Mesrop Arakelyan on his Facebook page.

He specifically noted, “According to the decision of the government of the Republic of Artsakh, state financial support will be provided in the form of monetary assistance for the actual losses of beneficiaries’ properties, such as public and production buildings, passenger vehicles, cargo vehicles and passenger vehicles with 9 or more seats, construction and agricultural equipment, fixed and working capital, meat and dairy cows, beehives, and fruit orchards.”

“The amount of assistance up to 5 million AMD will be provided in the form of monetary help, while the portion exceeding 5 million AMD will be issued in the form of government bonds, the issuance, provision, circulation, accounting, and redemption of which will be carried out according to the procedures established by the government of the Republic of Artsakh. In cases of implementing business projects in the territory of the Republic of Artsakh and fulfilling tax, loan, and other creditor obligations, the bonds may be redeemed before their maturity date.”

According to the government’s decision, if the beneficiary of the program has also received state support for fulfilling loan obligations, support will be provided within the defined framework based on the positive difference between the assessed value of property losses and the assistance provided for loan obligations.

At the same time, it is planned to provide partial or full compensation for obligations arising from citizens’ mortgage, consumer, and business loans (including those granted to individuals who are not considered individual entrepreneurs for agricultural activities) according to the established groups of beneficiaries, amounts of support, and timelines for the upcoming three years.

The Republic of Armenia is the guarantor of social security for the Republic of Artsakh.