ArmInfo. The Armenian government pledged overdue loan obligations and fines for them, issued during 2002-2012 for improving housing conditions, to persons who have the status of repressed and their heirs of the first stage.
As stated in the statement of rationale for the document, in 2002-2012 at the expense of budget funds, the Armenian government facilitated the issuance of long-term loans to the repressed and their first-line heirs in order to improve their living conditions. In particular, the interest rate on loans was 1% annually, with a maturity of 25 years. As a result, 303 citizens who have the status of repressed or his heir to the first stage were given loans in the amount of 1.272.094.607 drams.
On September 10, 2018, borrowers redeemed an amount of 201.248.968 drams for the principal amount of the loan, and 43.212.535 drams made interest rate payments. At the same time, 114 creditors did not fulfill their credit obligations at all. "The problem is that the main part of the lenders are the elderly and socially vulnerable citizens who objectively cannot fulfill their credit obligations," the draft decision says.
As a result, the Cabinet of Ministers decided to forgive unpaid loan amounts, as well as fines generated at the time the project entered into force, of persons with repressed status and their heirs of the first stage.