BAKU, Azerbaijan, November 21. If we look at our foreign exchange reserves, the volume of our foreign exchange reserves is eight times higher than our foreign debt, President of Azerbaijan Ilham Aliyev said during a speech at an event dedicated to the 30th anniversary of the establishment of the New Azerbaijan Party (YAP) at the Heydar Aliyev Center on November 21, Trend reports.
“As a result of our successful economic and financial policies, we have been able to significantly reduce our foreign debt. This is a great advantage both for today and for future generations. Today, because our credit rating is improving. For future generations, because this burden will not fall on future generations. As a result of the reforms carried out by my order a few years ago, we will reduce the share of our foreign debt in the gross domestic product to 10 percent by the end of this year. If we look at our foreign exchange reserves, the volume of our foreign exchange reserves is eight times higher than our foreign debt. So only a handful of countries can boast of these indicators.
Of course, there is still much work to be done. The transparency of our economy, the fight against unpleasant situations, the significant reduction of the shadow economy, the improvement of the business environment, the serious fight against monopolies – all these are the issues on the agenda. This includes the application of corporate management to state companies, which is one of today's realities. I am sure that the economic reforms carried out today, the reforms carried out in line with our strategic line, will give us additional opportunities in the near future. In particular, we will definitely need a strong economy to rebuild Karabakh and Eastern Zangazur at our own expense and to achieve all these goals. Because this is essential. Countries that are economically dependent on other countries or international financial institutions face difficulties in conducting an independent policy. We have always wanted our policy to reflect the will of our people. We don’t want any outside force to influence our will. We don’t want to create such possibilities for anyone. Therefore, economic power and economic independence form the basis of our activity in all other areas. Following the Great Leader's path, we, of course, are paying close attention to the changes taking place in the world today and applying the most progressive experience in Azerbaijan. I am sure that we will achieve what we want in the coming years,” President Ilham Aliyev said.