On 31 March, Azerbaijani President Ilham Aliyev admitted at a meeting with the Minister of Economy Mikail Jabbarov that a sharp drop in oil prices could lead to serious problems in the country's economy, reported Turan. 

“A sharp drop in oil prices on world markets, almost twice, can create serious problems for our economy, and, of course, is fraught with a decline in our income,” he stated. The price of a barrel of Azeri Light crude oil stands at $19,43 US-Dollar. Azerbaijan’s budget for 2020 is based on an estimated oil price of $55 per barrel. 

At the same time, Aliyev recalled that in recent years the development of their non-oil economy has been and remained a priority in the country. “I believe that the production of export-oriented non-oil products should be increased, the certification process should continue in business entities, so that our products are competitive in the domestic and foreign markets. Now that the price of oil is $ 21-22 per barrel, then this is the [post oil period] for us. We have prepared for this period, and these preparations are still ongoing. Much depends on entrepreneurs from the non-oil sectors of the economy,” he added.

Another important aspect of the discussions were the government's efforts to combat the shadow economy in the country. Jabbarov noted that an amnesty of capital and property would be effective in combating it and that it was requested by the private and the banking sector in the country. Aliyev already spoke openly in February that the fight against the shadow economy would be one of the main domestic goals in this year (Caucasus Watch reported). Average shadow economy index reaches almost 50% in Azerbaijan. 

As for the development of the non-oil sector, it is expected that "the expansion of the agricultural processing sector, the construction sector, and the growth of freight traffic are expected. Also, a number of projects are being developed in the mining industry that will help increase and expand the export potential of Azerbaijan as well as create new jobs in the regions.” 

In order to combat the economic influences of the coronavirus in the country, the government increased the limit of discounted use of electricity by a certain group within the population by 100 kW-hour.

It was also noted that the Corona Virus Combat Support Fund has received more than 100 million manat (54 million euros) so far. 

The Azerbaijani Ministry of Economy also disclosed a basic document containing the main directions of the programs prepared in connection with the state support of various economic sectors. Among these directions are a financial support program for the payment of salaries to 304,600 hired employees in the spheres impacted by the coronavirus and a financial support program for 292,000 individual micro-entrepreneurs working in the sectors affected by the coronavirus. A program of tax incentives, benefits and vacations for business entities working in the spheres impacted by coronavirus, and a program of credit and guarantee support for business entities operating in the sectors affected by coronavirus to get the newly issued bank loans worth 1 billion manat ($588.2 million) are also among these measures. 

The current tally of infected persons in the country is 369, with 5 reported deaths.