Azerbaijan to launch state program on loan insurances
By Ofeliya Afandiyeva
The Azerbaijani Economy Ministry has completed work on a package of amendments to the legislation providing for tax incentives in the context of COVID-19, minister Mikayil Jabbarov said on April 14.
Addressing the session on the socio-economic results of the first quarter of 2020 chaired by President Ilham Aliyev, Jabbarov said: “We have completed work on a legislative package that includes tax incentives. Currently, the process of approving the package with the relevant structures is underway. Work with the public sector and banks to provide state support for credit is nearing completion. Our goal is to launch the program before the end of this month.”
“I would like to emphasize that we are carrying out this work jointly with the banking sector within the established framework, and productive work is under way. Furhtermore, under the new economic conditions, work has begun on relevant plans in eight sectors of the economy identified in the action plan,” Jabbarov emphasized.
In addition he noted that projects aimed at restoring economic growth are being analyzed.
Jabbarov also informed the president that in January-March 2020, the growth in the non-oil industry was 23 percent in the mining industry – 12 percent, in agriculture - 3.7 percent, and cargo transportation increased by 7.2 percent.
“At the same time, a decline is observed in the areas such as tourism, services, passenger transportation, catering and in the construction sector,” the minister noted.
Jabbarov said that in January-March, exports of agricultural products increased by 4 percent, gold - by 17 percent, chemical products - by 14 percent.
“With regard to agricultural imports, there is a decline of five percent. The good news is that the difference between domestic consumption of food products and their imports is decreasing,” Jabbarov mentioned.
Moreover, at the video conference President Ilham Aliyev said that continuation of reforms in Azerbaijan has led to good results. The head of the state underlined the current preventive measures to combat coronavirus pandemic in the country and noted that the situation is under control in Azerbaijan.
At the same time, the head of the state gave instructions to the government to minimize the impact of the pandemic on the economic situation and highlighted that 2020 would also be marked by deep reforms covering many areas.
Note that the video conference was attended by Minister of Finance Samir Sharifov, Chairman of the Board of the Central Bank Elman Rustamov, Minister of Labor and Social Protection of Population Sahil Babayev and Minister of Agriculture Inam Karimov. The officials delivered reports on the relevant data recorded in the first quarter of 2020 in Azerbaijan.
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