Armenian Prime Minister Nikol Pashinyan on Wednesday, March 18 announced a AMD 150 billion ($305 million) economic aid package aimed at easing the impacts of the novel coronavirus.

In an interview with Shant TV, Pashinyan said the first batch of AMD 25 billion (approx. $50 million) will be distributed among companies that will borrow money to pay salaries, taxes, utilities and buy raw materials.

The government is also planning to subsidize agricultural loans to reduce the interest rates to 0%, Pashinyan said.

According to him, an urgent social assistance package of AMD 30 billion ($61 million) will be aimed at "preventing the decline of the social situation."

Furthermore, AMD 80 billion will be invested in innovative projects, the Prime Minister said.

Also Wednesday, Pashinyan said the number of confirmed coronavirus cases in the country grew by 20 to reach 102 overall.

Armenia declared a 30-day state of emergency on Monday and banned citizens of 16 nations from entering the country.

So far, one person has recovered from the coronavirus in Armenia.