Azerbaijan’s economic model covering the last 10 years has proved to be valuable, Shahmar Movsumov, executive director of the State Oil Fund of Azerbaijan (SOFAZ), told reporters in Baku.
"Over the last decade, this economic model has turned Azerbaijan into a completely new country and helped create modern infrastructure. However, in the new economic environment this model ceased to provide the necessary impetus,” he said.
“The oil prices fell in the world markets, manat has devaluated, the budget income has decreased, but this is an objective process. For this reason, a search for new economic models was initiated, the president gave relevant instructions and new structures were created," said Movsumov.
He reminded that Azerbaijani President Ilham Aliyev has earlier signed a decree endorsing “Strategic Road Maps for the national economy and main economic sectors.”
"These documents cover not only the economy in general, but also its separate spheres,” said Movsumov. “These are irreproachable documents which include all the necessary priorities and tasks. From this viewpoint, the country is in need of high-level economists.”