Azerbaijani MP discloses number of entrepreneurs to be provided with state support

Azerbaijani MP discloses number of entrepreneurs to be provided with state support

Baku, Azerbaijan, March 31

By Orkhan Juvarli - Trend:

The working group, created to minimize the impact of coronavirus on Azerbaijani economy and the activity of entrepreneurs, is developing nine programs, Azerbaijani MP Vugar Bayramov told Trend.

“These programs are aimed at reducing the impact of coronavirus on the activity of entrepreneurs, as well as citizens working in enterprises,” the MP said.

"The working group assessed the impact of coronavirus on the economy,” the MP said. “In accordance with the estimates, four main sectors and 20 spheres of activity suffered damage as a result of coronavirus.”

“A specific program is proposed to be carried out to reduce the spread of coronavirus,” Bayramov added. “The amount of funds which are allocated to entrepreneurs, as well as hired employees increased from one billion manat ($588.2 million) to 2.5 billion manat ($1.5 billion). The allocated funds account for three percent of GDP. This is considered the highest rate among the CIS countries. "

The MP stressed that the policy being pursued by the Azerbaijani government envisages decreasing the damage caused to entrepreneurs and citizens.

"In this regard, a sectoral approach was taken,” Bayramov said. “It envisages full compensation for damage caused to certain spheres of activity and 70 percent-compensation for the spheres less affected as a result of the pandemic. At the same time, micro-entrepreneurs will be provided with compensation and direct assistance will be rendered to them.”

Some 915,000 out of 1,555 million hired employees work in the state and oil sectors in Azerbaijan,” the MP said. “Despite they go on extra-long leave, salaries are paid out. A direct support mechanism will also be implemented for 640,000 hired employees working in the private and non-oil sectors. Some 290,000 citizens working as micro-entrepreneurs will also receive state support.”

“One of the programs will cover compensation and credit obligations,” Bayramov said. “One billion manat ($588.2 million) is planned to be allocated in this sphere. The interest will be also subsidized.”

“Taking into account that the subsidy mechanism to be introduced by the Azerbaijani Mortgage and Credit Guarantee Fund and that will be supported by the Entrepreneurship Development Fund, this will strengthen the state support for consumer lending after the proposal has been developed by the business and financial groups,” the MP said.

“In general, the goal of the current policy is to continue to take the measures to strengthen the social security of employees working in the private sector and minimize the impact of coronavirus on their social status,” Bayramov said. “At the same time, a mechanism for supporting unemployed citizens is planned to be strengthened. The Azerbaijani government will directly render support to citizens in such an economically difficult period for the world and our country."

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