Azerbaijan can reduce its external public debt to zero in one day, President of the Republic of Azerbaijan Ilham Aliyev said during his speech at an event on the theme “Rebuilding Trust in a Fragmented World: The South Caucasus as a Pillar of Global Connectivity and Investment Stability,” held as part of the 2nd Azerbaijan International Investment Forum in Baku, APA reports.
The President said Azerbaijan’s external public debt accounts for 5.6% of GDP, while the country’s foreign exchange reserves are approximately 20 times higher than its external debt.
“External public debt accounts for 5.6% of GDP, and we can actually reduce it to zero in one day. Because our foreign exchange reserves are approximately 20 times higher than our external debt,” the head of state emphasized.
President Ilham Aliyev noted that political and economic stability is an important factor today. According to him, another important factor is that Azerbaijan has a strong financial system.
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