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COVID-19 vaccination may stabilize Azerbaijan’s economy

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The expansion of the coverage and geography of the spread of the SARS-CoV-2 virus, the causative agent of COVID-19, has led to an economic imbalance, negatively affecting the global economy, international financial and commodity markets, Trend reports.

The difficulties arising in most sectors of the economy as a result of measures of social exclusion in Azerbaijan have negatively affected business activity and economic growth.

A total of about 2.5 billion manat ($1.47 billion) has been allocated from the state budget and other sources for measures to combat the coronavirus pandemic.

Along with this, in 2020, GDP production decreased by 4.3 percent compared to 2019, including in the non-oil sector – by 2.6 percent. The volume of exports decreased by 30 percent compared to 2019, including the volume of non-oil exports – by 5.2 percent and imports – by 21.4 percent.

Moreover, the nominal incomes of the country's population in 2020 decreased by 1.8 percent compared to 2019. At the same time, the ongoing pandemic in Azerbaijan and the recent increase in the incidence rate necessitate the implementation of an additional package of economic and social support for the government in this direction, support for the affected sectors of the economy and business entities, and the implementation of incentive measures aimed at preventing informal employment.

The widespread infection both in other countries and in Azerbaijan leads to the reintroduction of strict quarantine measures throughout the country and the tightening of social isolation measures. In order to protect public health and effectively manage the pandemic, it is considered more appropriate to implement vaccination measures.

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Azerbaijan to hold new auction for public property facilities

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The State Service on Property Issues under the Azerbaijani Ministry of Economy will hold a new auction on March 30, 2021, Trend reports referring to the ministry.

According to the ministry, 101 public property facilities, including 25 small enterprises and facilities, 36 vehicles, and 40 state share packages of joint-stock companies will be put up for the auction.

The service said that those wishing to participate in such auctions can not only place an electronic order for the selected object of the service but also join the online auction.

Interested participants can visit the Space for the provision of property services of the State Property Service of Azerbaijan on the day of the auction, as well as observe it without registration online.

All those wishing to partake in the auction on the official website of the service (emlak.gov.az) or on the privatization.az portal must, after registering, pay a deposit of 10 percent of the initial auction price of the object, thereby obtaining the status of the customer. On the day of the auction, bidding can be joined by selecting the section ‘Electronic auction’ on the e-services portal (e-emdk.gov.az).

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Azerbaijani Azerenerji reconstructing country’s second largest HPP

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Azerbaijan’s Azerenerji OJSC continues measures to eliminate the dangerous situation that has arisen in the reservoir of Shamkir hydroelectric power station, the second largest hydroelectric power plant in the country, Trend reports citing Azerenerji OJSC.

"In order to eliminate the emergency situation, repair work on this reservoir began in 2020, which is carried out by a local company together with experts from Azerenerji OJSC. Work is underway on the reconstruction, concreting, and repair of the reservoir. To date, 90 percent of the work has been completed. Reconstruction of the facility is planned to be completed in April 2021,” said the message.

“In particular, repair and restoration work was carried out at the hydraulic units of the Shamkir HPP, a major overhaul of a block autotransformer with a capacity of 330 kilovolts was carried out. Thus, the "lost" power is restored, the durability and reliability of the installation are increased. The reconstruction of the open switchgear of the Shamkir HPP and the SCADA dispatch control system is also underway,” said the company.

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Turkish president approves one more agreement with Azerbaijan

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Turkish President Recep Tayyip Erdogan has approved the ‘Preferential Trade Agreement between the Government of Azerbaijan and the Government of Turkey’, Trend reports.

The agreement has entered into force.

The document was signed in Baku on February 25, 2020.

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