AZPROMO acting president: Azerbaijan able to withstand challenge of falling oil prices

AZPROMO acting president: Azerbaijan able to withstand challenge of falling oil prices

BAKU, Azerbaijan, March 12

By Fidan Babayeva – Trend:

Today, the stability and immunity of the Azerbaijani economy is much stronger than in 2014-2015, Yusif Abdullayev, acting president at the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) under the Azerbaijani Ministry of Economy, told Trend.

“As is known, the countries that are united in the OPEC + format, could not reach a consensus on oil production for some reasons at the meeting in Vienna,” acting president said. “Some countries plan to lift certain restrictions on oil production from April 2020.”

“This fact played a negative role and the price of oil in all world markets greatly dropped,” Abdullayev said. “Of course, our country, which is one of the main exporters of oil in the region, was also affected."

“At this stage, the country has sufficient resources to withstand the challenges of the decline in oil prices,” the acting president said. “The financial 'airbag' which was created in the previous years is a good stabilizer and the basis for taking the necessary measures and further steps in this sphere.”

“From 2014 through 2020, huge reforms were carried out in all spheres of the economy,” Abdullayev said. “In this format, we, as a country, are absolutely ready for the challenges that we may face.”

“From January through February 2020, non-oil GDP increased by 6.7 percent and the total GDP increased by 2.8 percent, which is a good indicator, taking into account the ongoing processes in the world markets,” acting president said. “The inflation rate is 2.8 percent, which is also a positive indicator."

Touching upon the foreign exchange reserves of Azerbaijan, Abdullayev stressed that the reserves reach $52 billion, which exceeds eight percent of the country's GDP.

“This is a very good indicator at the world level, which creates a financial 'airbag' for Azerbaijan and allows taking the necessary package of preventive measures to stabilize the situation in the market, if necessary,” the acting president said.

“Amid the difficulties in the world markets in connection with the energy resources, some groups may speculate on the price hike,” acting president said. “The government thoroughly controls the consumer market for certain groups not to speculate on price hike in the consumer market. This is an important indicator for maintaining stability in the market."

---

Follow the author on Twitter: Fidan_Babaeva

Subscribe to Trend in Google News! Subscribe
Oil prices rebound as growing geopolitical tensions fuel supply fears
Oil prices rebound as growing geopolitical tensions fuel supply fears
No decision by Iran on direct talks with US - FM
No decision by Iran on direct talks with US - FM
NASA's new space telescope reaches destination in solar orbit
NASA's new space telescope reaches destination in solar orbit
Loading Bars
Latest
President Ilham Aliyev presents Istiglal Order to Chairperson of Organization of Veterans of War, Labor and Armed Forces of Azerbaijan
Uzbekistan begins to restore electricity supply following power outages
Turkmen agriculture ministry opens tender for supplier selection
Turkey's chemical exports to Azerbaijan increase in 2021
President of Azerbaijan Ilham Aliyev holds videoconference meeting with Iranian minister (PHOTO)
Azerbaijani oil prices decline
Israeli envoy recalls key role of India in WW-I
Kyrgyzstan gradually restoring energy system after power outage in Bishkek
Uzbekistan accredits Russia's Gazprombank
Credit Suisse's problems mount as lender warns on Q4 profit
Israel mulls offering 4th COVID vaccine dose to all adults
Azerbaijan commissions several customs posts in liberated areas
Georgia names main suppliers of coal
Kazakhstan’s Almaty Int’l Airport operating as usual despite power outage in city
Uzbekistan discloses reasons for power outage
Uzbekistan suspends operation of airports due o power outage
Georgia to highly benefit from Turkish medicines – ministry
Azerbaijani First VP Mehriban Aliyeva congratulates Fatma Sattarova on 100th birthday anniversary (PHOTO)
Kazakhstan taking measures to eliminate accident that caused power outage – KEGOC
Russian company acquires stake in Uzbek cement plant
Loan portfolio of banks increases in Azerbaijan
Georgia reports new record high COVID-19 cases
Georgia’s Poti FIZ eyes launching new projects in 2022
Electricity supply facing security challenges, requires multiple services
Azerbaijani Defense Minister's visit to Iran starts
Kyrgyzstan’s Bishkek experiencing power outages across entire city
Azerbaijan’s role in solving global problems is growing - Analysis
Azerbaijan organizes movement of working trains on Zangazur corridor (PHOTO)
Kazakhstan Deposits Insurance Fund raises maximum recommended rates on deposits
Uzbekistan’s Tashkent Metro suspends operations
Kazakhstan reports large-scale electricity power outage in Almaty
ADB and Turkmenistan working on SME exporters’ project
Azerbaijani currency rates for January 25
Uzbekistan shares data on sectors driving GDP growth
Kazakhstan appoints chairman of Central Election Commission
Azerbaijan's export-import operations up in 11M2021 - WB
Georgia increases food safety system backed by EU
TPPs to play less role in flexible power system, says IEA
ITACA Training and Research Center opened at Baku Higher Oil School (PHOTO)
Azerbaijani AzFinance company’s bonds listed on Baku Stock Exchange
Azerbaijan opens criminal investigation against 297 Armenian citizen involved in war crimes
Iran's TEDPIX records drop
OSCE PA representatives to visit Kazakhstan
Oil prices rebound as growing geopolitical tensions fuel supply fears
FMs of Turkmenistan and Pakistan talk preparations for session of OIC Ministerial Council
Iranian currency rates for January 25
FMs of India and Turkmenistan talk wide range of issues of bilateral relations
Bhavish Aggarwal-led Ola Electric valuation tops $5 bn with $200 mn funding
Iran is likely to have direct talks with US - Iranian FM
Iran plans to reopen closed production factories
Azerbaijani, Iranian delegations jointly visit Azerbaijan's liberated areas
Trade turnover between Kazakhstan, Russia’s Republic of Tatarstan revelead
TBC Capital updates its forecast for economic growth in Georgia for 2022
Turkmen Health Ministry opens tender for purchase of medicine
Russia's Azimuth Airline launches direct flights to Azerbaijan
S.Korea's daily COVID count tops 8,000 for first time amid Omicron spread
Announcement of 2022 as "Year of Shusha" in Azerbaijan by President Ilham Aliyev is celebration for all Azerbaijanis - Famous composer
No decision by Iran on direct talks with US - FM
Austria and Turkmenistan to intensify their dialogue and cooperation in 2022-2023
9,016 new COVID-19 cases confirmed last 24 hours
NASA's new space telescope reaches destination in solar orbit
Indian firm gets foothold in prized global ‘kamikaze’ and armed drones market
Heavy snowfall cripples life in Istanbul amid safety warnings
At least six killed in Cameroon stadium stampede
India needs an atmanirbhar electric vehicle supply chain before invites to Tesla
U.S. Navy pilot ejects, 7 hurt in F-35 South China Sea 'landing mishap'
Centurion tank, other weapons used in 1965 & 1971 to add historical flavour to 26 Jan parade in India
Assange wins right to appeal extradition to U.S.
Over 45 countries expected to participate in multilateral exercise Milan in 2022: Indian Navy
Burkina Faso army deposes president in West Africa's latest coup
Istanbul Airport suspends all flights amid heavy snowfall
India attends informal WTO meet to take stock of negotiations
Explosion kills 6 in southern Somalia
Country calmly to pass current winter season - Ukrainian president
Republic Day parade in India to showcase old, new era of Army
Georgia names main goods imported from Uzbekistan
Kyrgyzstan enters top 10 trade partners of Uzbekistan
Current situation in Ukraine is under control - Zelensky
Iran, Uzbekistan emphasize boosting customs cooperation
Gov’t to set up commission for project of Georgian cultural centre in Jordan
PM of Ukraine says no threats to functioning of national economy
Armenia sincerely wishes to normalize relations with Turkey - Nikol Pashinyan
Armenia ready to sign peace agreement with Azerbaijan - Pashinyan
Sudan security forces fire tear gas on protesters
Launch of Baku-Shusha bus route of particular importance for Shusha city - Special Representative of Azerbaijani President
Azerbaijan talks applications received by SMB Development Agency on creating business in liberated lands
Uzbekistan working to establish power supply in Tashkent region
Azerbaijan discloses annual turnover growth of E-PUL payment system for 2021
Price indexes of financial, construction sectors at Uzbek stock exchange fall
Toyota Caucasus becomes member of Business Association of Georgia
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 757 more COVID-19 cases, 302 recoveries
Turkmen livestock complex in Akhal region names volume of production
Uzbek company reveals volume of exports to French Bonduelle
Bank of Georgia supports new tower construction in Tbilisi
Iran’s Bahar Azadi gold coin price continues to rise
Azerbaijan sees growth in local banks' total assets in 2021
Azerbaijan unveils number of businesses affected during second Karabakh war (PHOTO)
Azerbaijan's monetary base increases in 2021
Iran shares value of shrimp exports
All news