Azerbaijan's foreign exchange and gold reserves now exceed the country's external debt by more than 18 times, President Ilham Aliyev announced during the Azerbaijan-Latvia business forum held in Baku on April 22. The head of state emphasized that the national strategy to reduce foreign debt is being successfully implemented, with the current external debt standing at just 6.1% of the Gross Domestic Product (GDP).
According to the Operative Information Center-OMM, President Ilham Aliyev noted that the country's robust financial position allows for rapid debt settlement if required. "In other words, I believe we could reduce our foreign obligations to zero within a few months," the President stated, while also underlining the ongoing need for additional foreign investment to further stimulate economic growth.
The Azerbaijan-Latvia business forum serves as a key platform for strengthening bilateral economic ties and exploring new partnership opportunities between the two nations. Azerbaijan has consistently pursued a policy of fiscal discipline and economic diversification, leveraging its energy revenues to bolster its sovereign wealth fund and gold reserves. This conservative approach to external borrowing has positioned Azerbaijan as one of the most financially stable economies in the region, providing a secure environment for international investors.
