On 23 March, Azerbaijan’s Economy Minister Mikayil Jabbarov gave an interview with the country’s media revealing the major economic areas on which his working group is trying to sustain during the coronavirus crisis, reported trend. 

He said that at the initial stage about 12 areas of activity were identified that are most susceptible to negative impact of the virus. “These spheres are tourism, hotels, food, entertainment, transportation, shopping centers, etc. The state is considering the possibility of providing business entities with urgent tax benefits and vacations and easing the conditions for lending to businesses. To this end, intensive discussions are underway with the relevant government agencies, the Central Bank and the Association of Banks of Azerbaijan,” he explained.

The 4 working groups were established on 19 March in order to tackle the impact of the coronavirus in the country. Jabbarov’s working group was tasked with preparing relevant proposals for government support for economic sectors, legal entities and people engaged in entrepreneurial activities that could be affected by the pandemic (Caucasus Watch reported).

According to the Director of Strategy, Policy, and Analysis of the International Monetary Fund, Martin Muleisen, the consequences of the virus on the world economy could be “rather serious.” At the same time, he noted that the world economy is ready for shocks and can cope with the crisis due to the continued economic expansion and high employment rate. This created a buffer against the weakening of economic activity due to the pandemic.