Ilham Aliyev: there will the new privatization and restructuring and external borrowing

The ways of solving economic and social problems Azerbaijan faced  in connection with the collapse of oil prices, were discussed at the meeting with President Ilham Aliyev on January 18. Four-fold drop in oil prices over the last year resulted in a sharp reduction in income for the country, Aliyev said, opening the meeting. However, he believes that, compared to other oil-producing countries, Azerbaijan has suffered "the most smaller losses." The head of state announced the adoption of measures on social protection -  10%  increase of pensions. Further, he said about measures taken against  artificial increase of prices and measures to combat this phenomenon,  such as the decline in the price of flour and bread. "Efforts and measures  are taken for structural reforms. Structures doubling  each other will be  consolidated,  and some  unnecessary structures will be eliminated," Aliyev said. Then he announced measures to regulate the foreign exchange market. "With the participation of international experts is preparing A broad program of privatization with the participation of foreign and local investors," said the head of state. He also reported on steps to economic recovery and the improvement of the business climate in the country, the restoration of confidence in the manat. "The process of dollarization has no economic justification,"  said Aliyev. "Preserving the stability of the manat rate depends not only on the government. The proposals are being considered to regulate the banking sector, rehabilitation of problem banks, issuance of government bonds, deposit insurance and other measures to restore confidence in the manat," Aliyev said.  Taken into account a small volume of external debt, the President did not rule out the possibility of external borrowing.  For the development of non-oil sector it is proposed to allocated from the  National Entrepreneurship Support Fund  250 million manat of preferential loans. Taking into account the business's own resources, approximately  one billion  manat will be  invested  in the regions, said the head of state. To attract business persons to major construction projects will be taken measures to avoid unnecessary inspections, bureaucracy and corruption, again promised Aliyev.  He also instructed to increase the efficiency of the mortgage market and accelerating the housing building. -03D-