Ministry of Economy Makes It Clear Who Will Be Preferred in State Support

Baku / 26.03.20 / Turan: The Government of Azerbaijan will give preference to legal entities and entrepreneurs who adequately respond to state challenges, do not allow job and wage cuts, do not reduce transparency, and show social responsibility. This was announced at a meeting of the Working Group on March 25 to eliminate the negative consequences on the country's economy as a result of the Corona Virus pandemic and falling oil prices in world markets.

During the meeting, held in the form of a videoconference, it was decided to prepare proposals by March 28 on the necessary criteria and methodology of a single approach to identify the most affected areas of economic activity. According to the Minister of Economy Mikayil Jabbarov, 12 areas of business activity were previously identified, including tourism, hotel business, catering, entertainment, transport, trade, etc.

“The state is ready to make quick and effective decisions. However, in order to accurately identify the affected areas of activity, it is first necessary to develop clear and transparent assessment criteria. These criteria can be general and specific, both industry-specific and substantive,” said the Minister.

At the video conference, it was noted that in order to assess the damage, an in-depth analysis of the reports of economic entities is necessary. This will also be determined by analyzing the financial statements presented in March. Currently, the structures of the Ministry of Economy are holding meetings with business entities, medium and large businesses, public associations of entrepreneurs and specialized associations.

The meeting also discussed issues of supporting economic growth, or more precisely, curbing stagnation. This includes ensuring liquidity of the economy, providing tax benefits and vacations to entrepreneurs, facilitating access to state credit resources, maintaining the stability of financial markets, introducing a system of targeted state orders, etc., the press service of the Ministry of Economy reports.

It is noted that the state will take the necessary measures to protect the health of citizens, ensure public safety and reduce economic activity, which can lead to economic recession in the short term. The state is ready to meet this process and is considering the situation as a new line of economic development after preventing the spread of the pandemic.

Recall that 1 billion manat was allocated by order of President Ilham Aliyev from the state budget for 2020 to support the economy, as part of measures to eliminate the consequences of the COVID-19 pandemic and the volatility of prices for crude oil. --------08D--