Azerbaijan can repay its foreign debts in a few months – president

Tue 14 March 2017 10:47 GMT | 14:47 Local Time

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"Our convertible currency reserves exceed external debt by over five times."

"In other words, if we want, we can completely repay our foreign debt in a few months”, President of Azerbaijan Ilham Aliyev said at the meeting with members of the business council of Movement of the Enterprises of France (MEDEF) in Paris.

“We reduced jobless to 5 percent, poverty below 6%. Employment level in Azerbaijan has risen thanks to favorable business and investment environment. Over 200 billion was invested in Azerbaijan’s economy during last two decades. This process continues and we hope that many of companies will invest this year too. It is good that these investment are made in not only oil and gas sector, but also service, tourism, hotel business, agriculture. All investments of foreign and local companies are necessarily protected. Therefore, this creates additional stimulus to make investments in Azerbaijan. At the same time, having a strong economic position in the region, good relations with neighbors and strong financial reserves, we can attract contractors to sectors which we think are of strategic importance."

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