President: Foreign debt is below 10 percent of our GDP, the target for next year is 7 percent

11:18 - 9.12.2023


December 9, Fineko/abc.az. “We also worked actively in order to reduce the level of foreign debt, and now, it is below 10 percent of our GDP. The target for that is 7 percent of GDP next year. So, this actually demonstrates the sustainability of Azerbaijan’s economy,” said President of Azerbaijan Ilham Aliyev in an interview with Euronews channel.

“Next year, we hope that the growth of economy will be higher. But, those figures do not actually reflect 100 percent of the economic performance or the living standards of the people. We know the countries, which had very low economic growth, but the very developed economy. So, the bigger your GDP is, the more difficult it is to add to that growth, especially in today's geopolitical situation, where two of our neighbors and main trade partners Russia and Iran are under the sanctions. Therefore, we need to take that into account. But our target and our strategy of 2030 is based on our own resources, our own financial capability, as well as foreign and local investments in the areas, which will provide economic growth in the coming years,” the President of Azerbaijan emphasized.

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