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Azerbaijan to earn $200 billion from Azeri-Chirag-Guneshli by 2024

11 June 2007 15:23 (UTC +04:00)

On May 11, with the support of the U.S. Agency for International Development (USAID) and the Eurasia Foundation, the Foundation for Assistance to Entrepreneurship and Market Economy Development launched a one-day roundtable on oil revenues and economic freedom. The event focused methodology for index of economic freedom, impact of oil revenues on economy and other related issues.
Sabit Baghirov, chairman of the Foundation, said Azerbaijan will earn more than $200 billion from Azeri-Chirag-Guneshli Project by 2024.
â€œFor 2006-2010 the involvement in oil sector will decline, the national currency will continue to strengthen and reforms will slow. After 2010, the gross domestic product, budget revenues will fall, assets of the Oil Fund will be overspent, oil impact on the economy will descend. The currency reserves will stand at around $40 billion, there will be shortage of energy export and resources,â€ he added.
He noted that it is necessary to increase economic freedom in order to free oil impact. He underscored that in the index of economic freedom Azerbaijan rated 123rd last year and 107th this year. /APA-Economics/