President Ilham Aliyev: "Azerbaijan does not depend on any financial institution"

# 00:08
11 January 2018

We should work to increase the revenues of the State Oil Fund. Overall, our currency reserves, the State Oil Fund's foreign exchange reserves are increasing year by year, said President Ilham Aliyev at a meeting of the Cabinet of Ministers dedicated to the results of socioeconomic development of the country in 2017 and future objectives on Jan. 10, APA reports.



“This, of course, will allow us to allocate funds for important projects of the country and ensure economic stability. The amount and increase of the currency reserves give us economic independence and we are not dependent on any financial institution. We take loans. But, I should also note that we need to follow a more serious policy on loans. I think the work on the reduction of the foreign public debt should be carried out in the following years. Today our foreign debt is at a reasonable level. However, I have set a task not to increase but reduce the foreign debt,” President Aliyev said.


Ilham Aliyev noted that Azerbaijan has become a very attractive country for investment in the world today. "Economic stability, foreign exchange reserves, political stability and commercial attractiveness of major projects in Azerbaijan will help us attract foreign investment".