Azerbaijan's foreign exchange reserves have exceeded its external public debt by 14 times, Azerbaijan's Finance Minister Sahil Babayev said this at today's meeting of the Milli Majlis (Azerbaijani Parlaiment) Committee for Economic Policy, Industries and Enterprising, discussing the draft law "On the Implementation of the State Budget of the Republic of Azerbaijan for 2024", APA reports.
The Minister of Finance said that, against the backdrop of global and regional developments, as a result of President Ilham Aliyev's far-sighted policy, the expenditures envisaged in the 2024 state budget were implemented with positive dynamics: "The stability of the national currency has been maintained. As a result of the acceleration of the diversification of the economy, growth was observed in the non-oil sector last year. At the beginning of this year, the country's foreign exchange reserves exceeded the external state debt by 14 times. Looking at our macroeconomic indicators, both stability and an increase in our reserves have been ensured, at the same time, the reconstruction of Karabakh and Eastern Zangezur has been carried out, and fiscal order has been maintained in the country in parallel with purchases to strengthen the country's defense capabilities."
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