Top official: Social projects planned for 2016 underway in Azerbaijan

Baku, Azerbaijan, May 30

Trend:

Azerbaijan's economic policy is based not only on the practice of using oil revenues, Ali Hasanov, the Azerbaijani president's aide for public and political affairs, said in an interview with ANS TV channel.

Hasanov said that the first oil revenues received approximately since 2003 are used for economy's diversification, non-oil sector's development.

The potential of the Azerbaijani population is also used for the development of the country's economy, he added.

Hasanov noted that in 2014 Azerbaijan faced the global crisis that has been observed since 2008 and a sharp decline in oil prices.

"However, until that the government has taken the necessary steps," he said. "First of all, oil revenues were effectively invested in Azerbaijan's economy."

"Look at how many industrial parks have been created in Azerbaijan," said Ali Hasanov adding that there was a time when Azerbaijan imported all food from foreign countries.

"Currently, we manufacture them ourselves," he added. "Azerbaijan made serious investments in agriculture over this period."

A serious impetus to the development of non-oil sector and private entrepreneurship was given in the country, he added.

"Today 80 percent of Azerbaijan's GDP is formed by the private sector," said Hasanov. "The share of non-oil sector in Azerbaijan's economy has already exceeded 50 percent, and currently, the country's dependence on oil is less than 50 percent."

Azerbaijan was prepared and was able to get out of the situation of falling oil prices.

Speaking about social projects, Hasanov said that all social projects planned for 2016 within the president's social policy are being implemented. He added that implementation of some projects has been canceled, but they will be implemented in the future.