BAKU, Azerbaijan, July 15. People tend to think that oil prices have risen and Azerbaijan has become richer, President of the Republic of Azerbaijan Ilham Aliyev said addressing the meeting dedicated to the results of six months of this year, Trend reports.
"Yes, oil prices have risen, but our reserves mainly consist of loans and shares. Let them look it up and see the decline the world’s capital markets are experiencing. Of course, this is a temporary phenomenon. All sovereign wealth funds have been faced with this situation. I don't want to talk about the losses of other sovereign funds now, but here we are talking about losses of tens of billions – large sovereign funds - as a result of this capital market shrinking. This has a negative impact on us as well. However, thanks to the measures taken, thanks to the reforms, we are making sure that no-one feels that," the head of state said.