Azerbaijan is ahead of developed countries in terms of economic development and infrastructure projects, State of Head says

Azerbaijan is ahead of developed countries in terms of economic development and infrastructure projects, State of Head says
  • Clock-gray 17:21
  • calendar-gray 05 March 2021

"Today, we do not depend on anyone on any criteria, on any parameter, we are in the forefront of the economic sphere - in terms of foreign debt, economic growth and per capita foreign exchange reserves," President of the Republic of Azerbaijan, Chairman of the New Azerbaijan Party Ilham Aliyev has said in his speech at the 7th Congress of the New Azerbaijan Party (YAP) in a video format, APA reports.

The head of state noted that we are at the forefront of any criteria and have ensured transparency in this area: "I was informed yesterday that a very authoritative organization has analyzed more than 60 sovereign wealth funds of the world, and the State Oil Fund of Azerbaijan is in fifth place in all parameters and all criteria.

I said that this list should be published so that everyone could see which countries have sovereign oil funds or reserve funds. See who we are ahead of? Look at the report of the Davos Economic Forum, we are ahead of developed countries in terms of economic development, in terms of infrastructure projects. Has anyone helped us? No. Our foreign debt is only 18-19 percent of GDP. Also, our foreign exchange reserves are 5-6 times more than our foreign debt. If we want, we can pay all our foreign debt tomorrow, in a day, in a month. That is, we have achieved these achievements through our own efforts, as an occupied country, as a country in a very difficult geopolitical situation. It was a preparation for the Great Patriotic War in the economic, political, and internal spheres."

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