Ilham Aliyev: Azerbaijan ranks first in CIS in terms of purchasing power of minimum pension

Ilham Aliyev: Azerbaijan ranks first in CIS in terms of purchasing power of minimum pension

Baku, Azerbaijan, Oct. 17

Trend:

Azerbaijan today ranks first in the CIS in terms of the purchasing power of minimum pension, Azerbaijani President Ilham Aliyev said at the meeting on the economic area dedicated to the socio-economic results in the 9 months of 2019 and state and consolidated budget projects for 2020.

“Other economic indicators are also very positive,” the Azerbaijani president said. “Our external public debt is at a very low level – it accounts for only 17 percent of the gross domestic product. According to this indicator, we are in ninth place in the world. I should also note that some countries registering better results than ours are the countries that do not receive any external loans at all. Therefore, their high place does not reflect the objective picture. Thus, we are in a leading position in terms of the low level of the external debt on a global scale. I want to say again that I set this task for the government: we must reduce external public debt every year, and this is provided for in the budget for next year.”

“The inflation rate is very low – a little more than 2 percent,” Ilham Aliyev added. “It should be noted that a very serious and large-scale social package was implemented this year – the financial situation of more than 4.2 million people was improved, pensions, salaries and benefits were increased. In other words, billions of manat were spent on these purposes, and these funds were socially oriented. Despite this, the inflation rate is very low. This is a very good indicator. Incomes of the population significantly exceed inflation again.”

“Azerbaijan today ranks first in the CIS in terms of the purchasing power of the minimum pension,” the Azerbaijani president noted. “In terms of the average monthly pension we are in third place. Of course, we should not be pleased with that, but I should mention this for the sake of comparison. Everything is relative.”

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