Press releases
The Government has approved the measure and procedure for stimulating the economic activity of people with bad credits
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Today, the regular Cabinet meeting took place, chaired by the Prime Minister of the Republic of Armenia Nikol Pashinyan.
The Government approved the measure and procedure for stimulating the economic activity of people with bad credits. Accordingly, it is planned to direct the income tax calculated from the salary of people with bad credits classified as bad for at least 3 years to repay the loan, but the total principal amounts of the citizen's loans should not exceed 1 million AMD. It is proposed to provide the beneficiary with financial assistance in the amount of the income tax calculated from the salary and payments equal to it formed as a result of the formal employment to be acquired by the beneficiary, which will be directed to repay the beneficiary's bad credit obligation, provide financial assistance for a maximum period of 24 months, starting from the 1st of the month following the date of becoming a beneficiary, and set the amount withheld from the salary at 20% for a period of 24 months in the event of being recognized a beneficiary. According to information provided by the Central Bank, as of October 1, 2024, the number of individual borrowers with bad credit is about 341 thousand, and their credit burden is about 642 billion AMD. As of April 2023, this burden amounted to 525 billion AMD. 65 percent of the beneficiary group is between the ages of 26-50, that is, they are in the most active period of work capacity. It is expected that during the application period for becoming a beneficiary within the framework of the event, until January 31, 2026, about 60 percent of the target group or 131 thousand people will become beneficiaries of the program and begin to repay their loan obligations. A digital platform will be created, through which citizens can apply and become beneficiaries.
The Government made additions and amendments to previously adopted decisions, establishing the reopening of the 2022-2025 program for ensuring affordable housing for families in border and separate settlements of the Republic of Armenia with quotas set in the specified settlements for beneficiaries who meet the relevant requirements. Accordingly, it is proposed to reopen the program for Baghanis, Berkaber, Kirants and Voskepar in Tavush region, as well as for the Gomk settlement in Vayots Dzor region, with the following quota: up to 50 beneficiaries in Voskepar, up to 50 in Baghanis, 40 beneficiaries in Berkaber, 50 beneficiaries in Kirants and up to 30 beneficiaries in Gomk. The decision also proposes to provide an opportunity to build a house in other border settlements defined by the program to another 190 beneficiaries whose construction permits were issued by September 1, 2024 inclusive.
The Government has adopted a decision to co-finance a number of subsidy programs for 2022, 2023 and 2024 from the 2024 state budget in the amount of 3 billion 395 million AMD. As noted by the Minister of Territorial Administration and Infrastructure Davit Khudatyan, it is planned to co-finance 46 subsidy programs of 23 communities. Davit Khudatyan also noted that with this decision, 29.2 billion AMD have already been allocated to communities from the state budget in 2024, and it is planned to increase this amount by the end of the year.
The government adopted decisions “On early termination of the powers of the Gyumri Council of Elders of the Shirak region of the Republic of Armenia” and “On scheduling extraordinary elections of the Gyumri Council of Elders of the Shirak region of the Republic of Armenia”.
Governor of Shirak Mushegh Muradyan has submitted a resignation letter. Nikol Pashinyan announced this at today's Cabinet meeting.