Azerbaijani government to guarantee 60 percent of new loans

Azerbaijani government to guarantee 60 percent of new loans

BAKU, Azerbaijan, April 5

Trend:

The Azerbaijani prime minister has signed the order to approve the "Action plan on the implementation of the item 10.2 of the order of the President of Azerbaijan dated March 19, 2020" “On a number of measures to reduce the negative impact of coronavirus (COVID-19) and sharp fluctuations as a result of coronavirus in the global energy market and stock market, on the economy of the Republic of Azerbaijan, macroeconomic stability, issues of employment in the country and business entities", Executive Director of Azerbaijan’s Center for Analysis of Economic Reforms and Communication Vusal Gasimli told Trend.

“The action plan covers three spheres, namely, economic growth and support for entrepreneurship, support for employment and social welfare, macroeconomic and financial stability,” Gasimli added.

"In terms of economic growth and support for entrepreneurship, 215 million manat ($126.5 million) was allocated to pay part of the salaries of 300,000 employees working in the spheres affected by coronavirus,” the executive director added. “Some 300,000 individual (micro) entrepreneurs involved in the spheres affected by coronavirus will also receive support in the amount of 80 million manat ($47 million). The total amount of tax incentives for entrepreneurs affected by coronavirus is 115 million manat ($67.6 million).”

“This includes the provision of exemptions from property tax and land tax, early exemption of the import of certain types of food, medical supplies and others necessary for the population’s needs from VAT," Gasimli said.

"The Azerbaijani government will guarantee 60 percent of new loans in the amount of 500 million manat ($294 million) while the government will subsidize a half of the interest rate,” the executive director added. “A mechanism will be created in the agricultural sector to issue the unsecured microloans. Some 10 percent of the interest rate of existing loans issued to the entrepreneurs involved in the spheres affected by coronavirus in the amount of one billion manat ($588.2 million) was subsidized since March 10, 2020. The amount of funds allocated for preferential mortgage loans will be increased to 90 million manat ($52 million)."

(1 USD = 1.7 manat on April 5)

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