President Aliyev hails strong economic performance as Azerbaijan wraps up year

“In terms of economic development, we can be proud of this year’s achievements,“ President Ilham Aliyev said in his address on the occasion of the World Azerbaijanis Solidarity Day and the New Year.

Emphasizing that Azerbaijan’s foreign exchange reserves have reached a historic record of over $80 billion, the head of state said that the country’s external debt has decreased further and today accounts for only 6.3 percent of gross domestic product. He noted that Azerbaijan’s foreign exchange reserves exceed its external debt by 16 times.