Azerbaijani Politics 18 march — 16:48

Ilham Aliyev: 'Our reserves exceed foreign debt fivefold'

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'Our economic situation is improving. Last year, I said here that it was a year of economic stabilisation, a year of profound economic reforms. These reforms began to bear fruit. The current year is the year of development. The indicators of the first two months confirm this. There is economic growth, albeit small,' said Azerbaijani President Ilham Aliyev at the national merriment on the occasion of the national festival of the Azerbaijani people - Novruz, informs the official website of the head of state.

The president said that during the first two months of this year, gross domestic product grew by 0.4%.

'The non-oil industry grew by 5%, agriculture by more than 3%. This is the main indicator of our economic development.

Unlike other countries exporting oil and gas, last year we managed to keep our foreign exchange reserves. Although we could have spent it. However, we are thinking about the long-term interests of our country.

We have to increase our foreign exchange reserves every year. We achieve this. Today, our foreign exchange reserves are five times higher than external debt. Perhaps in the world you can find very few countries whose indicators would be at this level,' said the head of state.

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