Mikayil Jabbarov: OPEC+ commitment fulfilled at expense of certain economic losses

"2020 has been a year full of global challenges for both the world and Azerbaijan. The pandemic has caused an economic downturn across the globe and reduced Azerbaijan's GDP by 4.3%," Azerbaijani Economy Minister Mikayil Jabbarov said.

According to Report, at the conference 'Tax system in the post-pandemic period,' Jabbarov said that Azerbaijan undertook to cut oil output under the OPEC+ agreement.

"Fulfillment of this obligation has resulted in certain economic losses. During 2020, the national economy and entrepreneurs were supported by the order of the President. AZN 358 mln was allocated to entrepreneurs last year," he said.