ArmInfo. Armenian enterprises engaged in the production of wine and brandy will receive state assistance. At a meeting on August 13, the RA government approved the 24th program of anti-crisis measures to neutralize the economic consequences of COVID-19.
As the Minister of Economy of the Republic of Armenia Tigran Khachatryan noted in his speech, the coronavirus had a significant negative impact on the production indicators of winemakers. The demand for products dropped significantly, and the volume of exports also decreased, which, in turn, led to a decrease in production volumes. According to preliminary data, the decline in the sector was about 30%, and even more at some enterprises. As a result, grape procurement companies faced serious financial difficulties and a shortage of working capital. Under these conditions, according to the minister, the country's commercial banks began to show caution, reluctantly lending to these enterprises. Meanwhile, as Tigran Khachatryan noted, a significant grape harvest is expected this year, which will surpass the indicators of previous years. At the same time, companies need financial resources to re-equip production facilities and purchase new containers. For this reason, it is proposed to improve the terms of lending to companies that procure grapes. In particular, the state will fully finance the interest rates on attracted loans. The loan repayment period is extended from 18 months to 24 months. At the same time, the maximum loan amount per beneficiary is increased from 1.8 billion drams to 3 billion drams. The grace period for payments from 2.3 months is extended to 3-6 months. Also, payments under the excise tax line in the amount of 100 drams for 1 liter of cognac spirit and brandy are subject to refund. For loans attracted in 2019, their maturity dates are also extended from September-October 2020 to December of the same year. In order to modernize production facilities and purchase containers, the maximum loan amount from 450 million drams will increase to 1 billion drams.
In turn, RA Prime Minister Nikol Pashinyan noted that as of August 12, 144.5 billion drams were allocated for the implementation of 22 assistance programs. In particular, 26.2 billion drams have already been attracted for programs in the social field, 17.5 billion drams for neutralizing the economic consequences of the coronavirus, and 19.9 billion drams for the formation of working capital.
