Government writes off 469 financial obligations of Artsakh citizens  on loans secured by gold

ArmInfo. The Ministry of Finance of Armenia reports that as of May 10, decisions have been signed to  write off 469 obligations of individuals who have consumer loans secured by gold.

The process of accepting beneficiary applications continues. The  corresponding process is based on the decision of the Government of  Armenia dated December 28, 2023.

Earlier, ArmInfo reported that the Armenian government decided to  forgive the financial obligations of forcibly displaced citizens of  Artsakh on consumer loans provided on the security of gold products,  registering them as state support. As the head of the Ministry of  Finance of the Republic of Armenia Vahe Hovhannisyan stated on April  4 at a meeting of the Cabinet of Ministers, the current project  proposes not only to forgive debts on loans secured by gold, which as  of December 29, 2023 do not exceed 5 million drams (there are only 5  of them), but also to give the opportunity to repay pledged gold.  Although by the December decision the debts were assigned to the  Cabinet, the pledged gold (about 1,800 citizens, weighing about 30  kg) still remains in the banks, he explained. We are talking about  financial obligations of about 6 thousand citizens in the amount of  approximately 2.8 billion drams, the minister clarified.  Prior to  that, by decision of December 21, 2023, the Cabinet of Ministers  assumed most of the financial obligations of the government and  citizens of Nagorno-Karabakh. In this regard, treasury bonds were  issued in favor of financial organizations with a maximum nominal  value of up to 225 billion drams (for a period of 10 years) - in the  amount of 70% of the amount of monetary claims (property rights)  assigned to the Government of the Republic of Armenia through these  organizations. It was noted that as of December 29, 2023, the  obligations (bonds and loans) of the government of Nagorno-Karabakh  and the funds formed  by it, legal entities and individuals of  Nagorno-Karabakh subject to reconstruction amount to about 315  billion drams, servicing most of which, due to the situation, created  around Nagorno-Karabakh became impossible.