President: Azerbaijan’s financial situation is inaccessible for many countries

President: Azerbaijan’s financial situation is inaccessible for many countries
  • Clock-gray 15:36
  • calendar-gray 14 November 2017

“Azerbaijan will continue to pursue regular policy for economic diversification. This policy yields results. Dependence on oil is decreasing today. However, we mustn’t forget that the oil and gas will be the driving force of our economy for long years. Non-oil sector, especially this year,   was seriously reformed, and our export increased sharply. Outcomes of the nine months are positive. Agriculture, non-oil sector, non-oil industry are growing. Our currency reserves are increasing and must increase in the next years too. The currency reserves increased $4.5 billion in the nine months of 2017. While considering the low oil price, this is a great achievement. This achievement shows that our financial situation is stable. Azerbaijan’s financial situation is inaccessible for many countries. Our external debt is below 20% and currency reserves are equal to GDP. Therefore, the reforms in economic and regional development fields will be deepen and this will allow us to get more benefit from non-oil sector”, President of Azerbaijan Ilham Aliyev said at the solemn ceremony marking the 25th anniversary of the founding of the ruling New Azerbaijan Party, APA reported.  


The president noted that there are clear aims for energy and transport spheres, which are of great importance for Azerbaijan: “All duties in oil and gas sector have been fulfilled. ACG contract was extended. Implementation of the Southern Gas Corridor (SGC) is underway. I’m sure that we’ll mark launch of TANAP next year. The SGC is planned to be completed in 2020. I don’t see any problem here. We have just to work on schedule. EU also sees Azerbaijan as a driving country in implementation of this project. Our role in this project is really undeniable and driving”.


As for transport, the head of state said that after launch of the Baku-Tbilisi-Kars railway, the main efforts will be directed to increase of the loads: “We are now working on this issue. Along with this, additional steps should be taken on creation of North-South transport corridor. We did almost all works in our territory. Now, we are ready to introduce our technical and financial resources for completion of this project. Thus, these two projects will turn Azerbaijan into an essential transport hub. This will play an important role in meeting our both political and economic interests. Development of modern technologies is on the agenda in Azerbaijan. Launch of the third satellite into orbit is also on the agenda. Regarding our future activity, there is a conceptual approach. If I speak about these today, it will take some hours. I delivered my opinions about works to be done in the future. I repeat again, we have all opportunities for realization of these plans. We have never made empty promises. We fulfilled all our promises. Major part of confidence by people in us is related to this. We have always spoken about real plans, real result and problems. Of course, sufficient problems exist in the society. We are aware of them and will continue our efforts to solve them”.



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