Azerbaijan's Economy Minister: Restrictions applied by state to economic activity primarily affect micro-entrepreneurs

By Trend

The restrictions applied by the state to economic activity primarily affect micro-entrepreneurs, Azerbaijan’s Minister of Economy Mikayil Jabbarov said in an interview with Azerbaijan Television and Radio Broadcasting Closed Joint Stock Company (AzTV) during Hadaf telecast, Trend reports.

In his words, it is not about a support program in the amount of one billion manat ($588.2 million), but in the amount of 2.5 billion manat ($1.4 billion), which is three percent of Azerbaijan’s gross domestic product (GDP).

“We want to say to entrepreneurs, the banking sector and our citizens that the process of reviving and developing the economy of Azerbaijan remains our priority,” Jabbarov emphasized.

The minister noted that the support program was developed for micro-entrepreneurs, too.

“As a rule, the financial cushion of micro-entrepreneurs is narrower. The restrictions applied by the state to economic activity primarily affect these entrepreneurs. As a base, we use tax payments made by entrepreneurs during 2019,” said the minister.

“When making payments, we take the numbers in this database as a basis. This software is focused on business support. For every entrepreneur, the payroll is the biggest expense. Therefore, the state provides direct financial support and assistance in this direction. About 600,000 of our citizens are covered by this,” Jabbarov added.