Azerbaijan faces no obstacles to its ongoing economic development, according to President Ilham Aliyev.
As reported by the Operative Information Center-OMM, President Ilham Aliyev made these remarks during the opening ceremony of the Islamic Development Bank Group's 2026 Annual Meetings held in Baku.
The head of state detailed the progress made regarding Azerbaijan's external debt management, noting significant achievements in recent years. "Today, external debt accounts for only 6% of Azerbaijan's GDP. We have begun to attract funds again. One of the first financial institutions to engage here was the Islamic Development Bank Group, as we share strong ties and a common history. We have developed very productive and constructive relations. During today's meetings, many agreements will be signed, which will enable the implementation of new infrastructure projects. Ultimately, we will add value to the non-oil sector," the President stated.
President Ilham Aliyev further emphasized that the low level of external debt is a strategic advantage for the nation. "We could attract more funds in this regard, but we must remain cautious. Our foreign exchange reserves exceed our external debt by 20 times. I believe that in this respect, Azerbaijan is among the leading countries, possessing a stable financial situation and a balanced budget," he added.
The Islamic Development Bank Group's Annual Meetings serve as a premier platform for fostering economic cooperation among member states. By hosting this event in Baku, Azerbaijan reaffirms its commitment to strengthening international financial partnerships and diversifying its economy, particularly through infrastructure development and non-oil sector growth, which remain central pillars of the nation's long-term economic strategy.
