CBA: Azerbaijan properly distributes oil revenues

CBA: Azerbaijan properly distributes oil revenues

Azerbaijan, Baku, 23 May /Trend E.Aliyev/

The Parliamentary Network on the World Bank (WB) and International Monetary Fund (IMF) has become an important platform improving the efficiency of international organizations in terms of the formation of new strategic approaches to solution of global problems, head of the Central Bank of Azerbaijan Elman Rustamov said on Thursday, speaking at a conference of the WB and IMF parliamentary network held in Baku.

According to him the Government of Azerbaijan attaches great importance to cooperation with international financial institutions, in particular with IMF and WB. These institutions have always given Azerbaijan financial and intellectual support in the transition to market economy, economic stabilization and development.

"It's safe to say that significant results have been achieved in this field," Rustamov said.

According to him, since the restoration of independence of the country, a rapid transition to a market economy as well as sustainable development and stability have been provided, poverty level have been reduced.

"Our country has demonstrated a new interesting experience of rational use of natural resources. Under the leadership of President Ilham Aliyev, the economy has grown more than three times in the last 10 years. The level of income per capita by purchasing power parity reached 10 thousand dollars. It is already 15 years that the country maintains its economic stability. Balanced budget, low external debt, low inflation and high amounts of foreign exchange reserves are the basis of this stability," Rustamov said.

According to him, the ratio of external debt to GDP is only 8 percent. Azerbaijan's external monetary reserves have exceeded 70 percent of GDP.

The problem of poverty characteristic for many countries today has been solved in just one decade, reducing eight times to 6 percent, Rustamov said. The poverty rate in Azerbaijan is almost four times less than the global average of 21 percent.

Azerbaijan is one of the few countries that represent an example of proper distribution of oil revenues. The State Oil Fund was created in order to avoid 'Dutch disease'. Effective management of oil revenues is combined with a significant growth of the economy, Rustamov said, stressing the transparency of the process.

Sustainable development of the country also continued in the years of crisis, thanks to an effective anti-crisis strategy. Thanks to it, Azerbaijan succeeded to protect its economy from the financial crisis of 2008-2010, keeping the inflation at a low level. At the same time,, the economy grew by 20 per cent, Rustamov said.

Morocco lowers defense products' import from Turkey
Morocco lowers defense products' import from Turkey
Oil rises 2% on U.S. Gulf shutdowns, outlook weak
Oil rises 2% on U.S. Gulf shutdowns, outlook weak
Turkey reveals 9M2020 data on cargo shipment via its ports from Egypt
Turkey reveals 9M2020 data on cargo shipment via its ports from Egypt
Loading Bars
Latest
Iran is next to people and state of Azerbaijan - special representative of Iranian President
Karabakh conflict must be resolved within territorial integrity of Azerbaijan - Special Representative of Iranian President (EXCLUSIVE)
Armenia should know that no provocation can hinder Azerbaijan on its way to victory - MoD
Pakistani ambassador condemns Armenia's attack against civilians in Azerbaijan's Barda
Manpower of Armenian Armed Forces destroyed (VIDEO)
Management of Azerbaijani Emergency Situation Ministry arrive in Barda
Azerbaijani artillerymen destroying Armenian troops' manpower (VIDEO)
Armenian troops firing at Azerbaijani civilian population destroyed with precise fire (VIDEO)
Azerbaijani FM holds telephone conversations with OSCE Minsk Group Co-Chairs
First Vice-President Mehriban Aliyeva: Such barbaric attacks show that atrocities of Armenians have no limits (PHOTO)
President Ilham Aliyev receives delegation led by Special Envoy of Iranian President (PHOTO)
Azercell stands by people in Barda!
Pakistan’s National Assembly adopts resolution condemning Armenian aggression
Armenian leadership acts as if it lost its mind - Turkish Foreign Ministry
Azerbaijani FM, US deputy secretary of state hold phone talks
Armenia threatens not only Azerbaijan's energy security - energy minister
Freedom of speech suppression by Armenian lobby in France unacceptable - analyst
Azerbaijan provides footage of Armenian troops, military equipment being destroyed (VIDEO)
Ministry of Emergency Situations staff among civilians killed in Azerbaijan’s Barda
Natural gas supplied to village of Khulo of Georgian Adjara
Turkmen FM takes part in second session of India-Central Asia Dialogue
Children among dead, wounded in Azerbaijan’s Barda due to Armenian terror - chief physician
Armenia responsible for death of Azerbaijani civilians - Turkish presidential administration
Armenians think shelling of cities will force Azerbaijan to end war - Russian expert
Iran unveils volume of loans issued to Golestan Province
Azerbaijan destroys Armenian troops (VIDEO)
Azerbaijan expands list of settlements banned with entry-exit due to COVID-19
'Reporters Without Borders' condemns Armenian online attacks against French TV reporter
SOCAR Turkey may evaluate operational partnership for Aliaga port terminal
Shelling of residential areas in Barda once again exposes Armenia's terrorist nature - MFA
Uzbekistan expects GDP to grow in 2021
State budget of Georgian Adjara to up in 2021
Turkey says export of domestic mining products to Georgia down
Iran’s Bahar Azadi gold coin price starts to fall
Missile attack on Barda once again proves terrorist essence of Armenia - Turkish MoD
President Ilham Aliyev: Blood of Barda residents will not remain unavenged, aggressors will be given decent rebuff on battlefield
Tethys reveals 9M2020 production results at Upper Aptian on KBD-02 sites
Turkmenistan remains main gas exporter to China
France raises import of mining industry products from Turkey in September
Azerbaijan extends special quarantine regime
Iran strongly condemns Armenia's missile attack on Azerbaijan's Barda
Iran's budget reliance on oil sale declines
President Ilham Aliyev: Azerbaijani Army liberated 13 villages of Zangilan, Fuzuli, Jabrayil and Gubadli districts
Azerbaijan Deposit Insurance Fund compensating thousands of closed banks' clients
U.S. goods trade deficit shrinks in September
Amount of licenses issued for setting up enterprises in Iran’s Bushehr Province grow
Renewables to play key role in energy sector's dev't, Iranian expert says
Armenian Army, inept as to collaborate with PKK, slaughtering Azerbaijanis - Turkish Ministry of Defense
Georgian GDG Group to open wine factory in 2021
Georgian metallurgical company Rustavi Poladi sees increase in its income
Uzbekistan, Turkey develop military cooperation
Georgia’s Innovation and Technology Agency provides access to finance for innovative project
Uzbekistan, Tajikistan postpone flights resumption date
Servicemen of Azerbaijani Internal Troops urgently sent to Barda
Armenia does not seek to resolve Karabakh conflict peacefully - US military expert
Industrial gas flow obtained at exploration wells in Uzbekistan
Armenian Armed Forces again fire at Azerbaijan’s Tartar by using Grad multiple rocket launchers
Morocco lowers defense products' import from Turkey
Volume of loans issued to manufacturing enterprises in Iran’s Bushehr Province revealed
Azerbaijan drafting laws on gas supply, energy
EAEU countries export large various fabrics to Turkmenistan
Iran enlarges value of exports from Malayer customs
Azerbaijan confirms 340 more COVID-19 recoveries
General Prosecutor's Office gives update on number of victims as result of missile strike on Azerbaijan’s Barda (PHOTO)
If Armenia continues to attack civilians, Azerbaijan to take adequate measures - Assistant to president
Using mosque in Azerbaijan's Zangilan as pigpen is insult to Muslims - Culture Ministry
Romanian expert says digitalization of economy to improve security of EU's energy system
Armenia used cluster munitions to inflict excessive casualties among civilians in Barda - assistant to Azerbaijani president
Kazakhstan's import from Lithuania increases amid COVID-19
Armenian military group annihilated after failed sabotage attempt in Azerbaijan's Zangilan (VIDEO)
Armenian Armed Forces shelling Azerbaijan’s Tartar again
Azerbaijani Armed Forces take revenge for Barda (VIDEO)
By disseminating disinformation, Armenia trying to divert attention from its war crimes
Azerbaijani Ministry of Emergency Situations continues search, rescue operations in Barda
Uzbekistan’s 9M2020 export of textile products up
Cluster bomb attacks are new act of genocide against Azerbaijani people - President's aide
Azerbaijan eyes increasing private investment in renewable energy sector - minister
Latest situation in Azerbaijan’s Barda as result of Armenian terror (VIDEO)
Branch of Russia's Tatneft in Turkmenistan opens tender for installation work
Georgia to build anchovy fishing boat in Turkey
National Bank of Georgia decides to keep refinancing rate unchanged
Assistant to president invites military attaches to visit Azerbaijan’s Barda
Unprecedented number of people apply to participate in Produce in Georgia program
Georgian Natenadze’s Wine Cellar company resumes exports of wines
Armenia's attacks on Azerbaijani settlements - attack against civilized world - Assistant to president
Auction for placing Azerbaijani CBA's short-term notes held
Azerbaijan invites Human Rights Watch, Amnesty International to conduct on site assessment of Armenian crimes - top official
Iran reveals COVID-19 data for October 28
Serious environmental crimes committed in occupied territories of Azerbaijan must be immediately stopped
Missile attack on Azerbaijan’s Barda - crime against humanity – Foreign Ministry
Transition to clean energy in Azerbaijan becomes essential - ECO's Secretary General
Azerbaijani FM meets Deputy FM of Iran
Turkey's export of mining industry products to China up in September
Shelling of Barda - gross violation of int'l humanitarian law, says Ambassador of Kazakhstan
Armenian Armed Forces shelling Azerbaijan’s Goranboy, Tartar - Defense Ministry
Azerbaijan shows fragments of missiles Armenia launched on Barda city (PHOTO)
Solar to be dominant source of electricity generation in Europe
Turkey increases export of mining industry products to Azerbaijan
Total amount of transactions on Turkmen Commodity Exchange for Sept. 2020
Saipem’s capital expenditure up in Q3 2020
All news