Azerbaijan’s head: We can reduce foreign debt to zero


October 26, Fineko/abc.az. Azerbaijani President Ilham Aliyev delivered speech at the opening of the 6th International Humanitarian Forum on the theme "Formation of a new world & a new man: creativity & human development".

According to the head of state, over the past 15 years Azerbaijan has demonstrated the highest rates of development in the economic sphere.

"This is a record figure, and GDP has increased 3.2 times over the past 15 years. Azerbaijan has passed a long way of development. We’ve gained full independence in the economic sphere. Of course, economic independence strengthens our political independence. Azerbaijan's economy is self-sufficient and does not depend on foreign loans. We not only stopped receiving loans, but also began to give loans to some countries," President Aliyev said.

He pointed out that macroeconomic stability in Azerbaijan is at a very high level. Country’s external debt makes up only 20% of GDP. At the same time, financial resources are 4-5 times higher than the external debt.

"We can bring the external debt to zero within a few months. Over the past 15 years, the number of people living in poverty in Azerbaijan has decreased from 49% to 5.4%. Unemployment, as a social problem, is eliminated, and is now at the level of 5%. It should be noted that the population is growing, and increases annually by at least 100,000 people. Therefore, our economic development, including the creation of social infrastructure, should be an ongoing process," the head of state said.