Republican Party of Armenia

 A Cabinet sitting was held today, chaired by Prime Minister Hovik Abrahamyan.

Before proceeding to the agenda, the Prime Minister referred to Armenia’s triumph in the Venice Biennale on May 9. Among 53 participating countries, Armenia’s pavilion was the one to get the Golden Lion prize. Located at the Mkhitaryan Congregation headquarters on the St. Lazarus Island and dedicated to the Centenary of the Armenian Genocide, the Armenian stand featured works by 18 contemporary artists from the Diaspora.

According to the Prime Minister, by rallying the descendants of Armenian Genocide survivors around a common idea, the organizers had managed to demonstrate the potential of the Armenian people, and also, how well the Armenian art could be integrated into the world culture.

The Premier praised the concerted and dedicated effort made by the Armenian Genocide 100th Anniversary Coordination Committee, Ministry of Culture, coordinators available from the Armenian Embassy in Italy, artists and benefactors. “I am congratulating all of us on this unprecedented victory. I am sure that in the future as well, we will witness ever new victories,” the Premier said.

Hovik Abrahamyan next addressed the question of subsidies for agricultural loans. According to the project discussed by the Ministry of Agriculture and the Central Bank, ACBA-Credit Agricole Bank and several other have been providing agricultural loans at the rate of 14 percent, 6 percent of which was subsidized by the Government .

The loans used to reach farmers at the rate of 8 percent, which is an affordable credit resource. Whereas the Central Bank is running short of resources at this point of time, later yesterday the Prime Minister discussed the issue with the President of the Republic of Armenia. It was decided that the Government should allocate AMD10 billion to the Central Bank, which in turn should transfer the money to the banks involved in the program.

Thus, the Government will continue to subsidize the interest rate, ensuring that farmers get credits at the rate of 8 percent. 3 billion drams will be made available as early as within this month, while 7 billion will be disbursed by the end of the year.

The Government amended one of its previous decisions proceeding from the need to reconsider the product codes applicable under the EEU Treaty, as well as to revise the conceptual values of customs regimes. The decision seeks to update the legislative framework and remove the barriers to the provision of information by customs authorities.

The Government accepted the proposal on signing an agreement between the RA and RF governments on the terms and conditions of the Armenian-Russian University in Yerevan.

The arrangement will help implement joint program in the fields of science, culture and education, ensuring equal conditions for Armenian and Russian students to participate in the programs. The agreement is supposed to promote humanitarian ties between the two countries. The graduates shall receive both Armenian and Russian State diplomas.