Azerbaijani president: Even if oil price remains at $35, Azerbaijan will fulfill all its social obligations

Azerbaijani president: Even if oil price remains at $35, Azerbaijan will fulfill all its social obligations

BAKU, Azerbaijan, Aug. 7

Trend:

Even if the oil price remains at $35, Azerbaijan will fulfill all its social obligations, said Azerbaijan’s President Ilham Aliyev addressing the meeting in a video format on measures taken to combat coronavirus and on socio-economic situation, Trend reports.

“I should also note that significant steps have been taken in the economic sphere and issues of business support as well. This will be reported on today. Business support programs should be continued. I believe that the projects planned at the beginning of the year, the provision of loans and subsidies to entrepreneurs on preferential terms, the stimulation of agriculture and the work done in connection with the pandemic fully reflect our policy. We are introducing amendments to the budget. This issue is already being discussed. The Milli Majlis is already holding discussions on this issue. This shows once again that we want to support every citizen of Azerbaijan in this difficult time because when our budget was being approved, the pandemic had not started yet, of course,” President Ilham Aliyev said.

He noted that Azerbaijan’s declining revenues and increasing expenditures have necessitated a revision of the budget and adjustments in order to provide citizens with maximum assistance.

“I hope that the Milli Majlis will have its say in connection with the adjustments in the coming days. The government proposes to take the oil price at the level of $35, not $55, so that we could plan on our expenses on the basis of this indicator for the rest of the year. This shows that the Azerbaijani state is ready for any crisis because we have created a solid foundation to be able to take the right steps in the face of any crisis. And even if the oil price remains at $35, Azerbaijan will fulfill all its social obligations and implement the necessary infrastructure projects in our country. There will also be enough to organize additional funds to strengthen the country's military potential. As for the adjustments, of course, we primarily mean social and other projects,” the head of state said.

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