President Ilham Aliyev: Additional measures will be taken in area of improving banking sector and financing real economy

Additional measures will be taken in the area of improving the banking sector and financing the real economy, said President of the Republic of Azerbaijan Ilham Aliyev when receiving Minister of Economy Mikayil Jabbarov.

“In general, since the beginning of the year, steps have been taken to improve the banking sector. Several meetings have been held on this issue. I believe that it is necessary to deepen reforms even in areas not related to the pandemic, and we will do that. Additional measures will be taken in the area of improving the banking sector and financing the real economy. I also consider the suggestion on loan guarantees to be very timely. We will definitely take this into account,” said President Ilham Aliyev.

As for the social sphere, the Azerbaijani state showed its intentions and steps last year, said the head of state.

“An unprecedented social package was implemented last year, benefiting 4.2 million people. The minimum wage was doubled, the minimum pension was increased by 70 percent, benefits by 50 percent, while some benefits were even doubled. This had a very positive effect on people’s lives. In addition, the issue of overdue loans was resolved in Azerbaijan at the highest level. This year we are demonstrating social responsibility again. We are taking tangible steps to prevent a decline in people’s well-being, and I believe that we are first in this area too,” said President Ilham Aliyev.

The head of state noted that countries have self-isolated because of the coronavirus today, and this is natural.

“We are seeing that even countries and organizations very close to each other are already solving their problems themselves. Different countries have different approaches to this issue. I believe that our approach is the broadest and most correct. First of all, as a result of the preventive measures, steps were taken to prevent the spread of the disease. However, I believe that people should be more responsible. Nevertheless, when drawing comparisons on a global scale, we see that the situation in Azerbaijan is much better. Cases of infection in proportion to the population are at a very low level, and so are deaths. However, this does not give us any reason to be satisfied with the results achieved. All necessary work in this field has been and will continue to be done in Azerbaijan,” said President Ilham Aliyev.