Inflation has exceeded the central bank’s 3 percent target for several months. Annual price growth was 12.5 percent in November, down from a record high of 12.8 percent in October.

The grant is part of the COVID-19 Emergency Support from Germany 2020 which includes a 5.8 million euro grant and a 15 million euro subsidised loan.

Azerbaijan’s net government asset position has remained above 40% of GDP since 2015, Kazakhstan’s net asset position is trending toward balance.