ANAS Discusses Development of Azerbaijan`s Economy
BAKU / 23.09.16 / TURAN: The presentation of the “strategic roadmap of the national economy and its main sectors” was held.
The Assistant to the President of Azerbaijan on economic reforms, Natig Amirov, speaking in the Presidium of the National Academy of Sciences, called a phased document designed for 10 years inclusive and comprehensive.
According to the President of ANAS, Akif Alizadeh, a country refusing of oil dependence must have a competitive economy, reduce dependence on imports and more actively involve cutting-edge science.
Though mentioned was $ 40 billion of strategic currency reserves, the participants of the discussion agreed on the need to give more freedom to private enterprise. However, the question of choice of the liberal model of economic development is still open. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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