Baku: Azerbaijan’s President Ilham Aliyev has announced that the nation has almost entirely reduced its reliance on international financial institutions. This declaration was made during his address at the international forum ‘Facing the New World Order’ held at ADA University, as reported by APA.
According to Azeri-Press News Agency, President Aliyev highlighted that Azerbaijan ceased its cooperation with the International Monetary Fund shortly after he first assumed office. He further mentioned that the country has nearly emptied its portfolio with other financial institutions. “Our direct foreign debt is something more than 5 billion US dollars only,” President Aliyev stated, noting that this amount represents less than 7% of Azerbaijan’s GDP, signifying the country’s financial self-sufficiency.