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Arayik Harutyunyan signed the Government decision on approvinng the state support program for citizens' loan liabilities

18.03.2021

President of the Artsakh Republic Arayik Harutyunyan signed the government's decision on approving the state financial support program aimed at fulfilling the loan liabilities of individuals and legal entities having found themselves in difficulty due to the hostilities unleashed by Azerbaijan against the Republic of Artsakh on September 27, 2020.

The state support program provides partial or full compensation for the citizens' liabilities for mortgage, consumer and business loans (including for loan provided for agricultural activity to individuals who are not private entrepreneurs), according to defined groups of beneficiaries, amount of support and time limits.

According to the program, individuals (or their spouses) who were actually registered and residing or whose place of employement was in the Artsakh Republic (except for non-conscripts of the Republic of Artsakh and their spouses, cohabiting parents and children) and those who actually reside in the Republic of Artsakh during the entire period of receiving assistance, with some exceptions.

Resident legal entities in the Republic of Artsakh (except for non-commercial organizations) who pursue their activity and whose sole participant (shareholder) or participants with a share of more than 60% of the authorized capital meet the requirements for individuals could become beneficiaries of the program.

In addition to general support measures, the program provides other privileges and conditions for some groups of beneficiaries, as well as, additional support which will be directed in terms of priority to repay their mortgage, and agricultural, consumer and business loans.

Individuals with overdue loans until September 27, 2020 will be able make use of the state support program to be recognized if they are recognized to be a beneficiary and in case of refinancing or reconstruction of their loans by creditors, on condition that the loan amount does not exceed 1.8 million AMD.
As for the loan repayment after September 27, 2020, they will be returned to the citizens by transferring them to the bank account specified.

At this stage, applications or visits from citizens to specific bodies are not required, authorized bodies will collect all data from corresponding banks and credit organizations for the purpose of processing privileges. If the citizen thinks that he/she belongs to one of the beneficiary groups of the program, but no one has contacted him / her within a month, he / she can apply to the creditor organization in one month.

You can access the decision at the following link (http://bit.do/fPLys), and should you have any questions, please call the hotline of the Office of the President of the Republic of Artsakh at 119 or 047-119-119. 

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