Armenia’s Government, during its today's session, allocated 2 billion drams (around $5.1 mln) from the government's reserve fund to commercial organizations of the IT sector and individual entrepreneurs for the purpose of financing the state support program.

The financial support provided as a result of the redistribution will significantly help the development of the IT sector in Armenia, as well as the creation of a competitive environment for the implementation of the activities of economic entities in terms of incentives for activities in this sector compared to the countries of the region, and the involvement of highly qualified labor force.

In the first phase, 1.5 billion drams were allocated, which was distributed to the beneficiary organizations according to the established standards. The demand for the next stage is 2 billion drams, of which 400 million drams will be paid to EPAM Systems JSC as an unpaid obligation of the previous year. There is a court order regarding the latter and it is subject to mandatory payment.