Azerbaijani Economy 25 march — 12:38

Mikayil Jabbarov on eliminating economic consequences of coronavirus pandemic

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A working group to eliminate the impact of the coronavirus pandemic on the economy of Azerbaijan has held a meeting in the form of a video-conference, the press-service of the Ministry of Economy reports.

Head of the Working Group, Economy Minister Mikayil Jabbarov informed about urgent measures carried out under the leadership of President Ilham Aliyev to prevent a pandemic.

The minister noted that in the current conditions, a number of factors affect the national economy: the stagnation observed in the global economy and foreign trade relations under the direct influence of the pandemic, sharp fluctuations in oil prices on world energy markets, as well as a decrease in economic activity in countries due to limiting measures taken to prevent the spread of coronavirus.

According to him, the following sectors were most affected by negative impacts: tourism, hotel business, public catering, transport, trade, entertainment services and so on (about 12 industries in total).

The minister emphasised that the state is ready to make flexible operational decisions. Nevertheless, to accurately identify the affected areas of activity, first of all, criteria for a clear and transparent assessment should be prepared. These criteria can be superficial, as well as general and specific in subjects.

During the video-conference, the situation that arose in certain areas was discussed, various proposals were put forward. It was noted that in order to assess the damage caused, it is necessary to deeply analyse the reports of business entities and indicators available at state structures.

Currently, all structures of the Ministry of Economy are holding meetings with business entities, representatives of medium and large businesses, public business associations and specialised associations.

In the discussions, it was noted that when establishing supportive measures, the Azerbaijani government will give preference to legal entities and entrepreneurs that adequately respond to state calls, prevent cuts in jobs and reduce the wage fund, work transparently and demonstrate high social responsibility in the current circumstances.

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