19:41 20 November
13:41 20 November

Ilham Aliyev: Azerbaijan’s external debt less than 20% of GDP - UPDATED

Azerbaijan has passed a path of successful development in a short period, said Azerbaijan’s President Ilham Aliyev.


“Since 2004, our economy has grown more than three times, and about 2 million jobs have been created. The poverty level in the country has reduced to 5 percent. The level of literacy in the country is close to 100 percent,” President Aliyev said addressing 9th Summit of the Developing Eight Organization for Economic Cooperation (D-8) in Istanbul on Oct. 20, APA reported.  


He pointed out that Azerbaijan’s foreign currency reserves are equal to its GDP, and the country’s external debt is less than 20 percent of its GDP.


“The successes of Azerbaijan are also assessed by international organizations. Azerbaijan ranks 35th in the Global Competitiveness Report 2017-2018 published by the Davos Economic Forum,” said the president.


The head of state noted that Azerbaijan is an initiator and an active participant of international projects.


“Today, together with our partners, we are implementing the Southern Gas Corridor project. This is one of the largest infrastructure projects on a global scale,” the president said.


He recalled that Azerbaijan and Turkey signed an agreement on the Trans-Anatolian Natural Gas Pipeline (TANAP), a major part of the Southern Gas Corridor, in Istanbul in 2012. “This pipeline will be put into operation next year,” said the president.


President Aliyev went on to say that the Baku-Tbilisi-Kars railway, which will soon be commissioned, will be the shortest route between Europe and Asia.


The president also said that Azerbaijan invests heavily in the creation of the East-West and North-South transport corridors which will open up new opportunities for the economic development of Eurasia.








The 9th Summit of the Developing Eight Organization for Economic Cooperation (D-8) is underway in Istanbul.


Azerbaijani President Ilham Aliyev who is attending the Summit as a special guest, has addressed the summit.


Later on, reports of the 16th, 17th and special sessions of the D-8 Council were heard, and the issues on the agenda were discussed.  

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