Azerbaijan, Baku, March 16 / Trend A.Akhundov /
As a result of effective financial and monetary fiscal policy a macroeconomic balance was achieved in Azerbaijan in 2011, Prime Minister Artur Rasizade said at a plenary session of the Azerbaijani parliament which discussed the government's report on the results of 2011.
"In 2011 the rate of the manat remained stable, inflation was kept at a single digit level which eventually formed the basis for the growth of the population's real income," said Rasizade.
He said as a result of the diversification policy carried out in Azerbaijan, development of social and industrial infrastructure in 2011 and a high growth of 9.4 per cent in non-oil sector was achieved.
"In 2011, $21.7 billion was invested in the Azerbaijani economy from all financial sources, including $15.7 billion dollars in the non-oil sector. Some 60 per cent of all investments fell to domestic ventures," Rasizade stressed.
He said in 2011 the country's trade turnover grew by 30 per cent to reach $36 billion and strategic currency reserves increased during the year exceeding $40 billion.
"Reforms in the pension system implemented in 2011 allowed an increase in pensions to around 900,000 retirees to an average of 40 per cent," Rasizade said.
He said the increase in wages of workers in science, education, health, culture, agriculture, land reclamation and other areas, the rise in benefits for the families of martyrs, war invalids and poor families made it possible to improve the social situation of 1.8 million people.
"During the year funds to the sum of 399 million manat were spent addressing the social problems of refugees and the homeless," said Rasizade.
The official exchange rate is 0.7863 AZN to $1 on March 16.