President Ilham Aliyev: "Contract of the Century has brought huge benefits and we have used the funds properly"

President Ilham Aliyev: "Contract of the Century has brought huge benefits and we have used the funds properly"
  • Clock-gray 20:10
  • calendar-gray 21 September 2019

"The roads were in terrible condition. According to the estimates of the Davos World Economic Forum, Azerbaijan today is in 34th place globally in terms of the quality of roads. Drinking water was a huge problem. Today, 75 percent of the population is constantly provided with drinking water, and this process continues", said President of Azerbaijan Ilham Aliyev at the  ceremony to mark the 25th anniversary of the Contract of the Century and Oil Workers Day at the Heydar Aliyev Center, APA reports.

President who also spoke about the revenues of the State Oil Fund said that  more than a hundred settlements have been built for the internally displaced: "We got rid of tent camps back in 2007. Due to what? Due to the Oil Fund! Where does the money for the oil fund come from? From the implementation of the Contract of the Century! We have provided new homes, new apartments to hundreds of thousands of IDPs. Benefits to the families of martyrs and war veterans, allowances, apartments, cars, etc. That is, the Contract of the Century has brought huge benefits and we have used the funds properly. Oil Fund’s revenues can only be used within the budget, so the people of Azerbaijan through their representatives in the Milli Majlis take part in the distribution of these funds".

Head of the state who mentioned about the social infrastructure said that more than 3,200 schools and 640 hospitals have been built and renovated: "New sports facilities have been constructed. Azerbaijan has become a space-faring nation. We have three satellites. Using revenues, we keep our public debt at a low level. It accounts for only 19 percent of the gross domestic product. Our foreign exchange resources are five times higher than the external debt. Where else is this possible? There are such countries, but there are not many of them".

"We could talk about the benefits of the Contract of the Century for a long time. Revenues from the sale of oil will continue to be spent primarily on social issues, infrastructure projects and diversification of the economy in order to ensure the long-term and sustainable development of Azerbaijan".

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