Transition of global recession to acute-phase stopped in Azerbaijan - Ministry of Finance

By Trend

As in all countries, the economy in Azerbaijan also faced a test called the coronavirus pandemic in 2020, Azerbaijani Finance Minister, Chairman of the Board Samir Sharifov said.

Sharifov made the remark at an expanded collegial meeting in the Ministry of Finance dedicated to the results of 2020 and the further tasks in 2021, Trend reports on Feb. 5.

“The global pandemic, the restrictions imposed to combat it, the weakening of economic activity and the reduction in consumer demand, as well as decisions to cut production taken by oil-producing countries have had a negative impact on the country's economy,” the minister said.

“However, as a result of the systematic and comprehensive measures, the transition of the global recession due to external shocks to the acute phase in Azerbaijan was suppressed,” Sharifov added.

“The new economic realities in the country were promptly analyzed and the state budget was revised, receipts on some revenues were clarified, non-priority expenditures were reduced and expenditures in the number of necessary spheres increased in July 2020,” the minister added.

“The tasks of big financial weight, set by Azerbaijani President Ilham Aliyev to the Ministry of Finance in the reporting year, were fully resolved,” the minister said. “All issues of state importance and social programs financed from the state budget, including meeting the growing needs of the country's health system, reducing the negative impact of the pandemic on the economy, measures of economic support for vulnerable groups and businesses, increasing defense potential and strengthening the material and technical support of the armed forces were fully financed.”