The economic recession in Azerbaijan did not enter an active phase as a result of the measures taken to counter the COVID-19 pandemic, Azerbaijani Finance Minister Samir Sharifov said.
Sharifov made the remark during the discussion of the bill "On the execution of the state budget for 2020" at the plenary session of the Azerbaijani parliament, Trend reports on May 27.
“Azerbaijan's credit rating increased despite the serious consequences for the economy in 2020,” the minister said.
Sharifov said that about 1.9 billion manat ($1.1 billion) was spent on the fight against COVID-19 last year, which was spent to purchase the necessary medical equipment, medicines, increase the bed capacity, support people under quarantine control and maintain additional modular hospitals.
"Some 813 million manat ($478 million) was allocated to support business entities while 505 million manat ($297 million) for social events.
“Azerbaijan has also taken the measures to combat coronavirus on an international scale by rendering material and humanitarian aid to the international organizations and a number of countries in the amount of 39 million manat ($22 million)," Sharifov added.