President allocates 1 billion manat to reduce negative impact of coronavirus pandemic on economy

Thu 19 Mar 2020 17:42 GMT | 21:42 Local Time

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President Ilham Aliyev has issued an order on a series of measures to reduce the negative impact of the coronavirus (COVID-19) pandemic on the economy, macroeconomic stability, employment, and entrepreneurship in the country, APA reports.

According to the order, there has been an increase in the scope and geography of coronavirus (COVID-19) infection. The negative impact of the infection also covers the global economy, international financial and commodity markets, including oil prices.

In order to prevent the spread of coronavirus in our country, special working regimes have been implemented in trade, tourism and other fields and social isolation of the population have been ensured. All these measures can, of course, weaken business activity in the country and have a negative impact on the development of most sectors of the economy.

In the current situation, the potential impacts on the stability of the economy must be eliminated, the social welfare of the population protected, and economic development must be maintained. Achieving these goals requires the unification of all efforts and initiatives in the country.

The state of Azerbaijan has the necessary economic and financial resources to adequately address the negative trends in the economy. Relying on these opportunities, the state has always provided support to the welfare of the people and the development of the private sector in the most difficult times.

The order considers to allocate 1.0 (one) billion manat from the state budget of the Republic of Azerbaijan to the Cabinet of Ministers of the Republic of Azerbaijan for the financing of measures on reducing the negative impact on business entities and establish a Working Group under the Minister of Finance of the Republic of Azerbaijan to develop appropriate proposals for government support to businesses that are likely to suffer from the pandemic in the Republic of Azerbaijan.

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