President Ilham Aliyev: We expected more contraction and decline


July 7, Fineko/abc.az. Despite the sharp drop in oil prices at the world markets, our foreign exchange reserves have decreased only by $98 million for past 6 months.

ABC.AZ reports that the statement was made by President Ilham Aliyev after familiarizing with the conditions created in the modular hospital of Emergency Situations Ministry’s medical center in Khatayi district of Baku, intended for the treatment of patients with coronavirus.

The head of state noted that more cuts and a decline were expected.

According to country’s leader, “if in our budget the price of oil is set at the rate of 55 dollars, then within the past six months the average price of oil was 38 dollars. In other words, this is a big loss for us. Some days it fell even lower. As you know, some representatives who call themselves the opposition even congratulated each other, rejoicing that oil prices had fallen to $14, and the country would thus face great problems. You know, the Azerbaijani people, seeing this disgusting picture, are once again convinced of who is who. As the fall in oil prices, first of all, will affect the solution of people's social problems. If oil prices remain at a low level for a long time, we’ll have to reduce investment spending willy-nilly. In this case, unemployment will increase. We’ll have to reduce social spending, and people will suffer from this”.