Vice-Premier: Rad­i­cal re­forms planned in na­tional econ­omy

Azer News - - Front Page - By Sara Is­rafil­bay­ova

Rapid de­vel­op­ment of the econ­omy of Azer­bai­jan is ob­vi­ous. This is ev­i­denced by the fact that over the past 12 years Azer­bai­jan’s econ­omy has grown by 3.5 times.

Deputy Prime Min­is­ter Ali Ah­madov made the re­mark dur­ing the meet­ing with en­trepreneurs in Sum­gayit on June 20.

Ad­dress­ing the meet­ing Ah­madov noted that the ba­sis of this de­vel­op­ment was laid by the na­tional leader Hey­dar Aliyev and is also the re­sult of the suc­cess­ful pol­icy be­ing con­tin­ued by President Il­ham Aliyev.

"Eco­nomic de­vel­op­ment is the ba­sis of de­vel­op­ment of all spheres in Azer­bai­jan. The re­sources ob­tained as a re­sult of eco­nomic de­vel­op­ment made it pos­si­ble to re­duce poverty in Azer­bai­jan from 50 to 5 per­cent, the well-be­ing of the pop­u­la­tion sig­nif­i­cantly im­proved, wages in­creased, pen­sions grew three­fold, the towns and cities of the coun­try changed and mod­ern­ized. With­out eco­nomic de­vel­op­ment, it would be im­pos­si­ble to make this achieve­ment," Vice-Premier said.

The Deputy Prime Min­is­ter went on to say that the im­ple­men­ta­tion of en­tire work en­vis­aged in the fu­ture is also con­nected with eco­nomic de­vel­op­ment, fur­ther adding that the pri­or­ity of the pol­icy of President Aliyev is eco­nomic de­vel­op­ment.

“To­day, it is planned to im­ple­ment rad­i­cal re­forms in the eco­nomic sphere of Azer­bai­jan. Hence­forth, a new stage is begin­ning in the de­vel­op­ment of the coun­try's econ­omy, which re­quires from en­trepreneurs greater re­spon­si­bil­ity and an in­crease in the co­ef­fi­cient of ac­tiv­ity," he stressed.

Fur­ther, he touched upon the pen­sion rights of the em­ploy­ees.

He said the Azer­bai­jani gov­ern­ment is try­ing to en­sure that the pen­sion rights of ci­ti­zens are not vi­o­lated and in the fu­ture they could re­ceive their pen­sions

Ah­madov em­pha­sized that the purpose of the meet­ing is to hold dis­cus­sions and to take mea­sures in or­der to re­solve the is­sue of so­cial con­tri­bu­tions, fur­ther adding that the de­sire and de­mand of the gov­ern­ment is that en­trepreneurs fully en­sure the wages of hired peo­ple, en­sur­ing both their cur­rent rights and pen­sion rights, which they will use in the fu­ture.

En­cour­ag­ing busi­ness do­ing in the coun­try re­mains to be one of the pri­or­i­ties for the gov­ern­ment, which sup­ports en­trepreneurs through cre­at­ing nec­es­sary con­di­tions for the de­vel­op­ment of a healthy busi­ness cli­mate in the coun­try, and is­su­ing con­ces­sional loans.

In this re­gard, it is planned to cre­ate the Agency of Small and Medium En­ter­prises and the Guar­an­tee Credit Fund in 2017-2018. Sim­i­lar agen­cies al­ready op­er­ate in Europe, the UK, the USA, China, Sin­ga­pore and other coun­tries, stim­u­lat­ing the de­vel­op­ment of small and medium-sized busi­nesses.

So far there is the Na­tional Fund for En­trepreneur­ship Sup­port (NFES) un­der the Azer­bai­jani Econ­omy Min­istry that has been op­er­at­ing since 1992 to pro­vide pref­er­en­tial loans from the state bud­get for small and medium busi­ness in an ef­fort to de­velop en­trepreneur­ship in the Repub­lic of Azer­bai­jan.

The NFES al­lo­cated 190 mil­lion man­ats ($111.6 mil­lion) for fi­nanc­ing pro­jects of lo­cal busi­ness en­ti­ties in 2016.

Since early 2017 the Fund has is­sued con­ces­sional loans worth 13.8 mil­lion man­ats ($8.1 mil­lion).

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