YEREVAN, June 10. /ARKA/. Agricultural loans in the amount of 60 billion drams provided as part of the government assistance measures, designed to offset the consequences of coronavirus outbreak, are fully subsidized by the government, Economy Minister Tigran Khachatryan said on Wednesday.

Speaking at the National Assembly, he said these are loans that are provided to farmers at a zero rate or at the rate of 2-3% for purchased of machinery and equipment, installation of drip irrigation systems, raising pedigree cattle or establishing intensive gardens.

"We put emphasis on areas that stimulate technological and productive behavior in this sector, which will contribute to increasing the share of the agrarian sector in GDP," Khachatryan said.

According to him, the results will not be instantaneous, since the specificity of agriculture involves a certain lag in obtaining results, especially when it comes to raising livestock and setting gardens.

He noted that the authorities will continue to stimulate the introduction of new technologies in 2020.

The minister noted that in 2019, 2.3 billion drams had been provided to 8,841 borrowers to subsidize agricultural loan interest rates.

According to him, in 2019 the government subsidized 7% of 12% interest rate, but since March 2020, all interest rates are subsidized by the government. It also refunds farmers' own expenses for the construction of greenhouses and smart farms.

The minister said the emphasis from now on will be placed only on the development and stimulation of the introduction of new technologies.

He also noted that in 2020 the amount of micro crediting was expanded from 3 to 15 million drams ($1 - 481.03 drams).