Gubad Ibadoglu: It Is Time to Put End to Expropriation and Announce Financial Amnesty

By October 1, there were put into operation more than 200 plants and facilities for the production of building materials, metal structures, electrical appliances, as well as textile and other industrial products. The level of self-sufficiency in a number of construction materials amounted to almost 100%, said the Minister of Economy and Industry Shahin Mustafayev on 12 October at the Cabinet meeting under the chairmanship of the head of state on the results of socioeconomic development in nine months of 2015 and the upcoming challenges.

Commenting on the situation, the doctor of economic sciences Gubad Ibadoglu noted that the main theses of the last meeting were the requirements to save money and stop groundless inspections of entrepreneurs. However, the government's main priorities should be the search for internal reserves funding and creating truly favorable conditions for attracting foreign investments.

According to him, savings are not infinite against the background of the lack of additional financial resources. Foreign investors to invest money in the long-term projects have seen positive changes in the tax and customs legislation, but instead they are faced with a real tightening them. Thus, the tax authorities have recently obstructed the middle and small businesses and, in addition, expropriated the property of one group of monopolies in favor of another group, which, in fact, does not change the "rails" of the real economy.

Scientists believe that the first step towards the diversification of the economy in the period of the reduction shaft petrodollars should be financial amnesty. This will reduce the outflow of local capital, accumulated during the oil boom abroad, and to attract to the country once the "escape" means here. For the repatriation of national capital a special government program should be adopted, the expert believes. --17D-