Details added (first version posted on 11:48)
Baku, Azerbaijan, May 25
By Azad Hasanli – Trend:
The Azerbaijani government expects positive changes in the growth rate of the country’s economy in the near future, said Azerbaijan’s Deputy Finance Minister Azer Bayramov.
He made the remarks during the discussion on execution of the state budget for 2016 at a meeting of the parliamentary committee on economic policy, industry and entrepreneurship.
According to Bayramov, the changes are forecasted against the background of results of the reforms being carried out in the country, as well as improvement of the situation in Azerbaijan’s neighbors.
The deputy minister noted that the previous year was difficult for the global economy, which faced a number of challenges.
Speaking about the challenges of the previous year, Bayramov noted that the decline in prices for hydrocarbon raw materials caused difficulties for oil-exporting countries. Moreover, the US Federal Reserve System continued the policy of raising the discount rate, which led to a rise in the price of US dollar and additional problems for countries, currencies of which depend on the dollar.
“As a response to all these challenges, the head of state approved strategic road maps of Azerbaijan’s national economy. The work being carried out under these road maps allowed us to neutralize the effect of negative processes of the previous year,” added the deputy finance minister.