Ilham Aliyev on Economic Downturn

Baku / 25.06.20 / Turan: The results of five months of 2020 indicate that the economy of Azerbaijan is in recession, President Ilham Aliyev said at the opening of a new hospital in Ganja on June 24. True, he added, the recession is not yet large - only 1.7%

At the beginning of the year, Azerbaijan showed "excellent economic performance", but because of the pandemic, the government was forced to take restrictive measures.

 “Of course, the economy is in recession, and it remains to be seen what problems await us before the end of the year. Everyone should know this. At the same time, oil prices in world markets have not yet stabilized. Azerbaijan’s budget is estimated at an oil price of $ 55, and for five months, the average oil price is $ 41. Therefore, our income is declining. Several important sectors of the economy can be said to be inactive. One of them is the tourism sector,” Aliyev said.

 “Now we provide the necessary funds for more than 600 thousand people, the term for payment of 190 manat to the unemployed has been extended, although this is a big load,” Aliyev continued.

According to him, construction projects in the social sphere have also not been reduced, in particular, 10 hospitals of a modular type and towns for internally displaced persons are being built.

To combat the pandemic, more than 3 billion manat is provided. Some of these funds were spent, including for the purchase of medical equipment, the head of state noted. –06D-