Ilham Aliyev: For many countries, Azerbaijan's financial situation unattainable

Ilham Aliyev: For many countries, Azerbaijan's financial situation unattainable

Baku, Azerbaijan, Nov. 14


For many countries, Azerbaijan's financial situation is unattainable, said Azerbaijan’s President Ilham Aliyev at a ceremony marking the 25th anniversary of creation of the New Azerbaijan Party at the Heydar Aliyev Center Nov. 14.

President Aliyev stressed that the Azerbaijani government will continue to pursue a consistent policy to diversify the economy.

"This policy is giving its results,” the president said. “Dependence on oil is declining today. But we must know that the oil and gas sector will continue to be leading in our economy for many years."

“Profound reforms have been conducted mainly in the non-oil sector and our exports sharply increased,” President Aliyev added. “The figures for 9 months are very positive. Agriculture, non-oil sector, non-oil industry are rapidly developing. Our currency reserves are growing, they must grow over the next years.”

“Our foreign exchange reserves grew by $4.5 billion for 9 months of this year,” the president said. “Taking into account the low oil price, this is a very big achievement. At the same time, this achievement shows that our financial situation is very stable. For many countries, our financial situation is unattainable.”

“It is enough to say that our external debt is less than 20 percent and foreign exchange reserves are equal to GDP,” he said. “Of course, reforms in the economy and in the development of the country’s districts will certainly intensify over the next years. It will allow us to get even more profit through the non-oil sector.”

The Azerbaijani president stressed that the country’s government pursues very clear goals in connection with the further development of the energy and transport sectors - two spheres that are of great importance for the country.

"All obligations in the oil and gas sector have been fulfilled,” the president said. “The contract on Azeri-Chirag-Gunashli block of oil and gas fields has been extended. The Southern Gas Corridor is being successfully implemented.”

“I am sure that next year we will celebrate the ceremony of opening of TANAP," he said. “In general, the Southern Gas Corridor project is planned to be implemented in 2020 and I do not see any problems here. We just should follow the schedule.”

“The European Union also recognizes Azerbaijan as the leading country in this project's implementation,” the president said. “Indeed, our role in the implementation of this project cannot be denied, it is the leading role.”

The president said that as the Baku-Tbilisi-Kars (BTK) railway has been commissioned, main effort will be directed at increasing the cargo volume.

"At present, we are working on this issue,” he said. “Moreover, additional actions are required to create the North-South Transport Corridor. We have completed almost all the work in our territory. At present, we are ready to provide additional technical and financial resources for completing this project.”

“Thus, these two projects will turn Azerbaijan into an indispensable transport center, which will play a very important role in ensuring both our political and economic interests," the president said.

President Aliyev stressed that the development of modern technologies in Azerbaijan is one of the issues on the agenda.

He added that launching the third satellite into orbit is also on the agenda.

"Of course, in connection with our further activity, we have a conceptual approach in all spheres,” he said. “If today I talk about all plans, I will need several hours. Today I have brought to your and public attention the main and important directions for the further work. Once again, I would like to say that we have all the opportunities to implement these plans."

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