Ilham Aliyev: Another priority of 2016 fulfilled – protection of foreign currency reserves

# 12:21
10 January 2017

The protection of foreign currency reserves, which was one of priorities of Azerbaijan for 2016, has also been ensured, said the country’s President Ilham Aliyev.


The work done in Azerbaijan last year was given positive assessment by international financial organizations, the president said Tuesday, addressing a meeting of the Cabinet of Ministers, dedicated to the results of socioeconomic development of 2016 and objectives for the future, APA reported.


“Unlike other oil-producing countries, Azerbaijan made efficient use of the State Oil Fund,” President Aliyev said. “The Davos Economic Forum placed Azerbaijan’s economy in the 30th place for its competitiveness. Even in these years of crisis, more than 100,000 new jobs have been created.”


The president noted that $8 billion foreign and $3.7 domestic investment was made in Azerbaijan’s economy last year.


He said that 2016 will be recalled as a year of substantial economic reforms, adding that the decisions made the development of the non-oil sector will continue to be a priority.  


The head of state also noted that the three- or four-fold drop in oil prices did result in some decrease in the GDP but the non-oil sector and agriculture saw 5% and 2.6% increase.


“These two particular figures allow us to say that we managed to come out of this thorny crisis with our head held high,” President Aliyev said, adding. “The work done so far and steps to be taken this year will add to this trend. There will be increased employment. I’m convinced that we will achieve all these goals.”