Economy minister: Azerbaijan ready to make flexible decisions

Economy minister: Azerbaijan ready to make flexible decisions

BAKU, Azerbaijan, March 25

Trend:

A working group created in Azerbaijan to prepare relevant proposals to assess the negative impact of the coronavirus pandemic, the sharp fluctuations occurring on world energy markets and exchanges on the national economy, identify areas of economic activity that may be affected by the pandemic, and reduce the negative impact of situation on the country's business environment in the near future, held a meeting, Trend reports referring to the press service of the Ministry of Economy on March 25.

The meeting was held in the format of a video conference, the press service said.

The Head of the working group, Minister of Economy Mikayil Jabbarov, informed about urgent measures carried out under the president’s leadership to prevent a pandemic.

The state is ready to make flexible operational decisions, Jabbarov said.

The minister noted that in the current conditions, a number of the following factors affect Azerbaijan's national economy: the stagnation observed in 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 decrease in economic activity in countries due to limiting measures taken to prevent the spread of coronavirus.

Jabbarov added that all these factors are more evident in a number of areas of economic activity.

The minister brought to the attention that in a short time the working group carried out intensive and comprehensive work to identify areas of activity that are more affected by the pandemic in the current situation, and areas that form economic growth and employment, to strengthen the country's economic and financial stability, clarification of directions for supporting measures to be taken by the state.

According to the minister, such areas as tourism, hotel business, public catering, transportation, trade, entertainment services and so on (totally, about 12 industries) were affected the most.

“The state is ready to make flexible operational decisions. Nevertheless, in order 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,” Jabbarov emphasized.

During a video conference various proposals were put forward.

In order to assess the damage caused, it is necessary to deeply analyze the reports of business entities and indicators available in state structures.

This will also be determined by analyzing the financial statements to be presented.

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

When establishing supportive measures, the Azerbaijani government will give preference to legal entities and entrepreneurs that adequately respond to state calls, those who avoid cuts in jobs and reduce the wage, work transparently and demonstrate high social responsibility in the current circumstances.

Supporting the continuation of economic growth in the country will be a system of comprehensive measures in the following various areas: ensuring liquidity in the economy, providing tax breaks and vacations to entrepreneurs, simplifying access to public lending resources, maintaining the stability of financial markets, applying a system of targeted government orders and others.

In order to protect the health of the country’s citizens, and to ensure the safety of the population, the state will take such a compulsory step as reducing economic activity, which can lead to shrinkage of the economy in a short time.

The members of the working group were instructed to prepare proposals within 3 days on the methodology of a unified approach and relevant criteria for identifying areas that suffered damage.

The deputy ministers of the Ministry of Finance; Ministry of Labour and Social Protection of Population; Ministry of Culture; Ministry of Energy; Ministry of Transport, Communications and High Technologies; Ministry of Ecology and Natural Resources; senior executives of the Food Safety Agency; State Agency for Tourism; State Customs Committee (SCC); State Statistical Committee; Central Bank (CBA) and central executive bodies and representatives of public associations of entrepreneurs are among the group’s members.

Uzbekistan to connect number of small industrial zones to utility networks
Uzbekistan to connect number of small industrial zones to utility networks
Consumers must protect IoT devices - Fortinet
Consumers must protect IoT devices - Fortinet
Azerbaijan's CBC radio starts broadcasting in Karabakh
Azerbaijan's CBC radio starts broadcasting in Karabakh
Loading Bars
Latest
7 rockets fired from Gaza at Jerusalem area: Israeli military
Saudi Arabia to require arriving visitors to quarantine for a week
Oil prices inch higher as traders eye U.S. pipeline shutdown
Palestinians report several killed in Israeli air raids on Gaza
Biden confident he will meet with Putin
Over 1.6mln receive COVID-19 vaccine in Kazakhstan
Azerbaijan's import of cars from Turkey drops
Iran makes advanced industrial flame arrester
Putin says 21.5 mln Russians vaccinated against COVID-19
U.S. Treasury launches access to $350 billion in state/local COVID-19 aid
President Ilham Aliyev receives delegation led by Russian foreign minister (PHOTO)
Global COVID-19 cases, deaths reach plateau - WHO
Electric, hybrid car sales in Turkey surge over 200% in 4 months
Georgian, North Macedonian Presidents sign visa-free agreement
Second component of Sputnik V vaccine delivered to Kyrgyzstan
Iran produces oil-based ozone generator
India COVID cases hold close to record highs as calls widen for national lockdown
USAID’s focus to remain on modernization of energy sector in Kazakhstan
China-made meteorological satellite for dawn-dusk orbit passes review
Saudi Arabia's GDP contracts 3.3% in Q1 on oil output, non-oil economy recovers
Azerbaijan purchasing new equipment to speed up mine clearance on liberated lands (VIDEO)
Iran's Energy Exchange announces products to be on sale on May 11
Weekly review of Azerbaijani precious metals market
Activities in Iran’s Khorramshahr port climb
Iran’s Bahar Azadi gold coin price continues to increase
New facility to be put into operation in Iran’s electricity sector
Iran boosts production, export of greens and vegetables
Azerbaijan shares data on number of vaccinated citizens for May 10
Iran's ICOFC to develop two gas fields
National leader Heydar Aliyev`s 98th anniversary marked at parliament (PHOTO)
Program of Russian FM's visit to Azerbaijan unveiled
Azerbaijan confirms 371 more COVID-19 cases, 892 recoveries
Public reps of Azerbaijan paying tribute to late National Leader Heydar Aliyev (PHOTO)
Mine-clearing operations begin in Azerbaijan's liberated villages
Iran talks IAEA monitoring cameras at nuclear sites
Presidents of Russia, Azerbaijan hold phone conversation
Int'l organizations notified about Armenia's crimes against Azerbaijani civilians - Azerbaijan's prosecutor general
Criminal cases against Armenian terrorists who fought in Karabakh nearing completion - Prosecutor General of Azerbaijan
Uzbekistan eyes ratifying two more conventions of International Labor Organization
Uzbek mining and metallurgical complex exceeds export plan by half
Cargo movements in Iran’s Imam Khomeini port up
Iran reveals details of saffron exports
Various results achieved in Vienna every day – Iran’s MFA
Oil gains after cyberattack forces shutdown of U.S. fuel pipelines
Heydar Aliyev saved independent Azerbaijan from disappearing from political map - Russian expert
Iran, Saudi Arabia conduct both bilateral, regional talks – Iran's MFA
Registration of presidential candidates starts in Iran
Volume of loaded, unloaded cargo in Iranian ports grows
President Ilham Aliyev ends visit to Nakhchivan Autonomous Republic (PHOTO)
Uzbekistan notes significant increase in bank cash turnover in 4M2021
Uzbekneftegaz reveals indicators of oil and gas production and processing in 4M2021
Uzbekistan and France sign cooperation program
Uzbekistan Helicopters LLC opens tender for refueling vehicle
Political will of Heydar Aliyev bearing fruit - colonel general
Carbon price to rise, as governments pursue deeper decarbonisation strategies
Iran expects to increase vaccination
President Ilham Aliyev interviewed by Azerbaijan Television (PHOTO)
Death toll from COVID-19 exceeds 75,000 people
Number of confirmed coronavirus cases in Russia rises by 8,465 per day
President Ilham Aliyev views Ordubad railway station (PHOTO)
President Aliyev attends launch of project for reconstruction of drinking water supply, sewerage systems in Ordubad (PHOTO)
President Ilham Aliyev views construction of Ordubad Hydroelectric Power Plant (PHOTO)
ERIELL to work on wells at field in Uzbekistan’s Karakalpakstan
First Vice President of Azerbaijan shares publication on occasion of 98th anniversary of birth of National Leader Heydar Aliyev
President Ilham Aliyev attends inauguration of Julfa-Ordubad highway (PHOTO)
Uzbekistan’s 1Q2021 tomatoes export revealed
Turkey sees increase in cement exports to Azerbaijan
Kazakhstan-Israel trade plummets y-o-y
Uzbekistan to connect number of small industrial zones to utility networks
Weekly review of Azerbaijani currency market
ACG oil transshipment from Ceyhan terminal exceeds 70 mb YTD
EBRD, EIB, Proparco to fund construction of solar power plant in Uzbekistan’s Samarkand
President Ilham Aliyev attends opening of Artificial Insemination Center in Nakhchivan (PHOTO)
Azerbaijan creating 'green' energy zone in liberated Karabakh
President Ilham Aliyev attends opening of Nakhchivan Garrison Central Hospital (PHOTO)
President Ilham Aliyev attended inauguration of Nakhchivan branch of “Azerkhalcha” OJSC (PHOTO)
Weekly review of Azerbaijani oil market
Bank of Israel cuts government bond purchases
President Ilham Aliyev viewed construction of “ASAN xidmət” Center in Nakhchivan (PHOTO)
Turkey's 4M2021 steel exports to Turkmenistan shrink
Armenian Parliament to reconsider issue of electing new prime minister
Iran increases sturgeon farming
World's largest cargo plane with UK Covid aid takes off for India
President Ilham Aliyev visits statue of national leader Heydar Aliyev in Nakhchivan (PHOTO)
India to recruit 400 retired medical officers of AMC, SSC; Defence Ministry issues orders
Iran eyes to expand ties Turkmenistan
Azerbaijani president visits graves of martyrs of Patriotic War at Nakhchivan city cemetery (PHOTO)
Indian-Led Ground-Breaking Cancer Test Hopes To Launch This Year
President Aliyev attends opening of military aerodrome of Special Combined Arms Army (PHOTO)
Iran to renovate public transport fleet
Iranian water and electricity companies to enter EAEU market
Artists of Int'l Arts Festival create 'Kharybulbul' model in Azerbaijan's liberated lands (PHOTO)
Indian and Indonesian navies carry out military drill in southern Arabian Sea
President Aliyev attends presentation of new runway at Nakhchivan International Airport (PHOTO)
Iran continues investments for dev't of postal network
Iran, Serbia to expand ties by preferential trade agreement
Iran to inaugurate new national housing units
Iran's NIGTC announces tender for intelligent pipes
Iran to return to its full oil production capacity by early 2023, says JP Morgan
India, EU hold virtual summit to boost overall ties
All news