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Parliament speaker: Loan problems cannot be solved all at once

19 January 2016 12:22 (UTC +04:00)

Baku. Mubariz Aslanov – APA. At the extraordinary session of the Azerbaijani parliament, MPs have voiced a number of remarks and proposals during the discussion of making amendments to economic legislation.

According to Fazil Mustafa, prior to the president’s latest speech, the people were not convinced that the problems would be solved. The MP thinks, however, that the current economic bloc will not be able to lead the country out of the crisis.

“Anyone represented in this economic bloc has played some role in economic development. Nevertheless, the solution to all the problems lies in renewing the economic bloc. Because of the crisis, about 400 to 500 people become unemployed per day. That means, these people are going to be hungry in the future and might well be manipulated in provocative attempts against the state. Furthermore, we have to create conditions for foreign banks to operate in Azerbaijan. Maybe they offer the population loans with low interest rate. Those who are suffering from the crisis today do not slam the economic team only. Rather, they blame us and curse us, too,” said Fazil Mustafa.

Ali Masimli in his turn presented his proposals which he had developed following the president’s speech.

“I currently have 14 proposals, which are extremely important for us to develop urgent and middle-term programs. I’m ready to present them. Funds as much as 5,000 dollars can be compensated for and others can be softened through a mechanism in a different format. That is because a person with a loan of up to 10,000 dollars is, after manat’s devaluation, required to pay off two- or three-fold of this amount—which is impossible. So it’s necessary to take common steps,” said Ali Masimli.

Parliament speaker Ogtay Asadov recalled that the issue of small loans was raised in the committee’s meeting. “However, problems cannot be solved all at once. Let banks operate in normal mode. The issue of loan can be reviewed,” he noted.

MP Fazail Aghamali said the issuance of loans, especially consumer loans in US dollar is not right and it is a direct violation of the Constitution. “Even a new provision envisaging penalties for the issuance of loans in US dollars should be added to the Code of Administrative Offences,” he stressed.

Speaker Ogtay Asadov said in response that no one is obliged to get loans in US dollars.

“Loans are granted in US dollars so that entrepreneurs are able to take advantage of this in relation to their foreign partners”, he said.