Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Azerbaijan 01 01 - Liquidity Support AZN
Azerbaijan 01A 01A - Short-term lending AZN
Azerbaijan 01B 01B - Support policies for short-term lending AZN
Azerbaijan 01C 01C - Forex operations AZN International Monetary Fund (IMF). (accessed 24 July 2020).

April, The Central Bank of Azerbaijan (CBA), with the participation of the State Oil Fund, conducted scheduled and extraordinary foreign exchange auctions, and satisfied all demands for foreign currency at the announced 1.7AZN/USD rate.

Azerbaijan 02 02 - Credit creation AZN 500,000,000 294,117,647
Azerbaijan 02A 02A - Financial sector lending/funding AZN
Azerbaijan 02B 02B - Support policies for long-term lending AZN IMF. (accessed 24 July 2020); Central Bank of Azerbaijan (CBA). (accessed on 23 June 2020); CBA. (accessed on 23 June 2020); CBA. (accessed 23 June 2020).

No amount/estimate: March 19: (i) The CBA left the refinancing rate unchanged at 7.25%, but raised the floor of the interest rate corridor (within a de facto floor system) by 125 basis points (bps) to 6.75%. May 1, the CBA lowered the ceiling of the interest rate corridor by 100 bps to 8%; (ii) The authorities have announced their intention to extend the blanket deposit guarantee until December 4, 2020 (the interest rate cap for national currency denominated deposits 10% and for foreign currency denominated deposits 2.5%) irrespective of deposits’ amount, currency and banks’ financial standing; (iii) A relation of capital requirements (systemwide and the countercyclical capital buffer) and risk weights on mortgage loans; (iv) April 23, Suspension of inspections of credit institutions; (v) June 19, CBA decided to reduce the discount rate from 7.25% to 7%. The lower limit of the interest rate corridor was set at 6.5%, and the upper limit of the interest rate corridor was set at 7.5%.

Azerbaijan 02C 02C - Loan guarantees AZN 500,000,000 294,117,647 IMF. (accessed 24 July 2020); Caspian News. (accessed 15 April 2020); KPMG. (accessed on 6 May 2020); Ministry of Economy. (accessed 27 July 2020).

April 6, Entrepreneurs get state guarantee for 60% of their new bank loans and the government subsidizes half of the interest on guaranteed loans from the state budget; overall state support at AZN500 million (USD294 million); (ii) No amount/estimate: May, The CBA also announced that it will extend its guarantees on insurance premiums.

Azerbaijan 03 03 - Direct long-term lending AZN
Azerbaijan 03A 03A - Long-term lending AZN
Azerbaijan 03B 03B - Forbearance AZN IMF. (accessed 24 July 2020).

No amount/estimate: April 23, The CBA announced a moratorium on late fees and interest rate penalties.

Azerbaijan 04 04 - Equity support AZN
Azerbaijan 05 05 - Government support to income/revenue AZN 1,206,850,000 709,911,765
Azerbaijan 05A 05A - Health AZN 58,300,000 34,294,118 Ministry of Emergency Situations. (accessed 17 July 2020); Cabinet of Ministers. (accessed 07 August 2020).

(i) No amount/estimate: July 6, Installation of 10 modular hospital complexes in various regions of the country. It is expected to create 2,000 additional beds for the treatment of coronavirus patients; (ii) August 6, The government reported that medical personnel involved in the fight against COVID-19 received increased salaries from March to June. 64,038 medical staff have so far received salaries of AZN58.3 million; (iii) August 6, The government reported that 215 medical staff with extensive experience in COVID-19 from Turkey, the Russian Federation, People's Republic of China, Italy, and Cuba were brought to the country to work with Azerbaijan's medical personnel.

Azerbaijan 05B 05B - Non-health AZN 1,148,550,000 675,617,647 IMF. (accessed 24 July 2020); Caspian News. (accessed 15 April 2020); European Bank for Reconstruction and Development (EBRD). (accessed 27 May 2020); Ministry of Economy. (accessed 07 August 2020); Ministry of Economy. (accessed 12 August 2020).

(i) April 6, AZN1 billion (USD588 million) for the government's subsidization of 10% of the interest for one year of existing company loans; (ii) No amount/estimate: April, Tax exemptions for micro-enterprises and value-added tax (VAT) exemption for some food and medicinal products, as well as the raw materials that are necessary; (iii) No amount/estimate: Lump-sum payments in the amount of living wage - AZN190 (USD112) to 200,000 unemployed citizens of the country. The payment is considered for two months. The social package aims to relieve the impact of the novel coronavirus on the social life of people by multiple tools, including creation of 50,000 paid public jobs, tuition support program for students from socially vulnerable families, financial support program for mortgage and credit guarantee mechanism, program to support communal fees, primarily for electricity consumption of the population, and financial support program for vital passenger transport activities; (iv) May 19, USD50 million, or about AZN85 million (of the USD200 million swap with the European Bank for Reconstruction and Development (EBRD)) is allocated as support to local firms, including smaller viable enterprises experiencing temporary difficulties; (v) No amount/estimate: August 6, The government announced a financial support package for pandemic-affected industries that did not implement significant reductions in the number of employees. Financial support will be paid in equal installments in two stages, covering August and September; (vi) August 11, The government announced a second phase of financial support to individual (micro) entrepreneurs. The first phase of the program has already released AZN63.55 million of cash transfers to 106,907 individual (micro) entrepreneurs.

Azerbaijan 06 06 - Budget reallocation AZN Cabinet of Ministers. (accessed 07 August 2020).

No amount/estimate: August 6, A proposed bill to amend the state budget for 2020 is being discussed in Azerbaijan's National Assembly (Milli Majlis).

Azerbaijan 07 07 - Central bank financing government AZN
Azerbaijan 07A 07A - Direct lending & reserve drawdown AZN
Azerbaijan 07B 07B - Secondary purchase: government securities AZN
Azerbaijan 08 08 - International Assistance Received AZN 349,809,000 205,770,000
Azerbaijan 08A 08A - Swaps AZN 340,000,000 200,000,000 Central Bank of Azerbaijan (CBA). (accessed on 20 May 2020).

May 19, The CBA and the EBRD have signed a USD200 million swap agreement to increase access to financial resources for the real sector during the coronavirus pandemic.

Azerbaijan 08B 08B - International loans/grants AZN 9,809,000 5,770,000
Azerbaijan 08B1 08B1 - Asian Development Bank AZN 1,309,000 770,000 ADB

(i) April, Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases (USD0.50 million); (ii) June 3, Developing a Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region (Additional Financing) (USD0.07 million); (iii) July 13, Addressing Health Threats in the Central, West and East Asia Region (USD0.13 million); (iv) July 24, Due Diligence and Capacity Development of Trade Finance Program Banks (Subproject 3) (USD0.07 million).

Azerbaijan 08B2 08B2 - Other AZN 8,500,000 5,000,000 WHO.,-welcoming-who-mission (accessed 15 April 2020); USAID. (accessed 5 June 2020); European Union. (accessed 23 June 2020); USAID. (accessed 26 August 2020).

(i) No amount/estimate: Testing and personal protective equipment supplies from WHO; (ii) August 21, USAID provided more than USD5 million in total assistance for the country’s COVID-19 response includes (a) USD3 million in health assistance which is helping prepare laboratory systems, support technical experts for response and preparedness, bolster risk communications, and more; (b) USD1 million in Economic Support Fund (ESF) to support advisory services and technical assistance to small- and medium-sized enterprises; and (c) more than USD1 million in Migration and Refugee Assistance (MRA) humanitarian assistance that will help vulnerable migrants, displaced people and host communities during the pandemic [update].

Azerbaijan 09 09 - International Assistance Provided AZN 8,500,000 5,000,000
Azerbaijan 09A 09A - Swaps AZN
Azerbaijan 09B 09B - International loans/grants AZN 8,500,000 5,000,000 World Health Organization (WHO).,-welcoming-who-mission (accessed 15 April 2020).

(i) March, Azerbaijan is contributing to global efforts to address COVID-19, coordinating with neighboring countries, and has pledged USD5 million to World Health Organization's strategic preparedness and response plan.

Azerbaijan 10 10 - No breakdown AZN 1,000,000,000 588,235,294 Caspian News. (accessed 15 April 2020).

March, AZN1 billion is part of the announced support amounting to AZN2.5 billion (3% of GDP) to reduce the negative impact of COVID-19 outbreak on the national economy, the entrepreneurship and banking sectors, as well as for strengthening the social protection of the people.

Azerbaijan 11 11 - Other Economic Measures AZN 114,147,378 67,145,516 IMF. (accessed 24 July 2020); The Coronavirus Response Fund. (accessed 19 April 2020); Eurasianet. (accessed 19 April 2020); Coronavirus Response Fund. (accessed 23 July 2020).

(i) March, Establishment of the Coronavirus Response Fund under the Decree of the President of the Republic of Azerbaijan of March 19, 2020. The government itself is asking for donations from citizens, organizations, and businesses to help it deal with the disease in Azerbaijan. According to President Ilham Aliyev, the basic goal of the fund is for the people of Azerbaijan to within the limits of their capability, demonstrate their civil solidarity and generosity which are foundations of their society. The fund has raised AZN114 million as of July 20; (ii) April, The CBA and commercial banks have shifted to a seven-day work week, including to allow individuals and businesses to convert their manat holdings into foreign currency; (iii) April 23, The CBA also announced that it will extend its guarantees on insurance premiums.

Azerbaijan 12 12 - Non-Economic Measures AZN IMF. (accessed 24 July 2020); US Embassy in Azerbaijan. (accessed 15 July 2020).

(i) To contain the spread of COVID-19, the authorities have introduced a special quarantine regime (until June 15). It includes border closures, required quarantine of returning citizens, prohibition of mass gatherings, and restriction on domestic movements; (ii) The COVID-19 Operational Headquarters has been created under the Cabinet of Ministers, and working groups within various ministries and the CBA have been tasked with developing specific measures. These restrictions are being slowly relaxed starting May 4; (iii) July, Because of the increasing cases of infections, the government announced the decision to prolong a strict quarantine regime until July 20 and special quarantine regime until August 1 .