“The program to support the payment of a significant part of wages consisted of two stages. We appealed to the Prime Minister in March-April and recently under your instruction and we plan to extend this program for more two months,” said Minister of Economy of Azerbaijan Mikayil Jabbarov at meeting in a video format chaired by President of the Republic of Azerbaijan Ilham Aliyev, on measures taken to combat the coronavirus pandemic and socio-economic situation in the country, APA reports.
Minister of Economy noted that at the same time, there is an online platform for continuing support for individual (micro) entrepreneurs, the introduction of new soft loans, and to date, banks have allocated more than AZN 12.5 million in loans under this new program: “Implementation of the program to support the interest of existing loans is underway. All measures related to tax breaks are reflected in the legislation, including measures to expand the mortgage program have also been implemented.”
M. Jabbarov said the support has been provided to both the enterprises functioning in the public sector and a number of other enterprises in the framework of the program of support to the economy: “But, undoubtedly, the extension of the strict quarantine regime for certain period surely exerts a negative influence on the economic activeness. This also manifests itself in macro-forecasts i.e. the gross domestic product forecast for 2020. As of now, we are predicting more negative outcomes compared to our expectations in the activity of trade and catering facilities dependent on the season and in the sphere of agriculture as a result of the known drought. Due to objective reasons, the suspension of the domestic and inbound tourism flow exerts an impact on the relevant sector. Also, the fact that the energy markets haven’t yet recreated completely creates objective obstacles for us. Taking all these into consideration, we as an integral part of the Task Force have prepared a framework for partial reactivation of some spheres of economy in the conditions and the time allowed by sanitary and epidemiological situations."
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