Azerbaijan reduces external debt in GDP by 17% - minister

Tue 21 May 2019 07:34 GMT | 11:34 Local Time

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To date, the Asian Development Bank (ADB) has invested in 23 projects in Azerbaijan worth $3.7 billion, Azerbaijani Finance Minister Samir Sharifov said at a regional public debt management forum, Trend reports.

The Minister noted that Azerbaijan highly appreciates the cooperation with ADB. "I am confident that this forum will be a new stage of cooperation between the bank and Azerbaijan," he said.

Sharifov added that Azerbaijan carries out reforms in various fields and the management of public debt is part of the reforms carried out in the country. The reforms carried out in this area have already begun to bring results.

"We managed to reduce the government’s debt in foreign currency in the share of GDP by 17 percent. Today, Azerbaijan’s nominated debt in foreign currency makes up only one fifth of the country's total income," the Minister said.

“We are already seeing the fruits of the reforms. The macroeconomic environment has stabilized, the economy has returned to the growth trajectory, and the non-oil sector is developing,” he noted.

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