If in the past, the situation for borrowers who had taken out high-interest loans was being addressed, it can be concluded that most of the problems have been solved and the situation has improved. During the government session on December 7, the Prime Minister of Armenia, Nikol Pashinyan, announced that the government is implementing measures to increase the limits of mortgage lending. SNCO Director Suren Papikyan informed that this program has allowed 223 borrowers to obtain housing in 2020, 249 in 2021, and 558 in 2022. Currently, there are 1130 borrowers who have used this program, with 2023 being excluded.

Pashinyan predicts that the benefits of this program will be even greater as borrower salaries increase due to mechanization. He emphasized that not only will the issue of housing security for residents be addressed, but agriculture mechanization will also be introduced. Additionally, Pashinyan announced that military servicemen accepted into Vazgen Sargsyan Military Academy will receive apartments if they complete their service in the Armed Forces, instead of high-interest loans.

The Minister of Defense, Suren Papikyan, clarified that this program also applies to employees of the rescue service. Pashinyan raised the question of whether beneficiaries of the high-interest loan program could participate in the volunteer service program to build housing, to which Papikyan answered “No.”

It is important to note that the government made a decision to make changes to the assistance program, increasing the amount received by borrowers who had taken high-interest loans to 2.5 million drams. This represents a 10% increase from the previous interest rate. The average value of the previous interest rate was 2 million 238 thousand drams, and the interest rate on the loan has been set at 5% instead of the previous 3%.

This news was reported by NEWS.am, providing updates on developments in Armenia.