«Oil revenues are reduced, so it is necessary to give more benefits to innovation," said President Ilham Aliyev at the 8 September meeting on economic issues and work on the preparation of the state budget for 2016. Despite not rosier financial and economic situation, it was in an optimistic mood.
The President tied the processes occurring in the economy with the fall in oil prices, which, in his opinion, may be "the result of a political order." Despite the devaluation of the manat, the halving of foreign exchange reserves, and so on negative processes, he believes that the steps taken to diversify the development of non-oil sector helped to get out of this situation with minimal losses. "But we are trying and will try to do everything possible for Azerbaijani people not to suffer from it," the President said.
Gross domestic product, industrial production in Azerbaijan declined in absolute terms. However, Ilham Aliyev argues that the economic development in Azerbaijan is very rapid. "Oil production in Azerbaijan increases and decreases. Oil prices have fallen by more than half. But we are still developing, "said the head of state. He attributes this to the policy of his government.
Referring to the draft state budget for next year, the President said that he should take into account the "real situation". Next year's budget must be balanced, reflecting the reality and avoiding unnecessary spending, more socially oriented.
There should be implemented investment projects that make up the highest priority. "But projects that are not a priority, not of such an important nature, we should not include in the budget as an investment program. We cannot allow waste," he said.
The President noted the need to strengthen financial discipline, cost savings, protecting our foreign exchange reserves, especially reserves the State Oil Fund.
Ilham Aliyev spoke in favor of deepening the management reform. Once again he stressed the need for "more serious fight against corruption and bribery." 08D
Economics
-
Croatian Prime Minister Andrej Plenković announced enhanced efforts by Croatia to protect the Adriatic Sea and advance renewable energy projects during his address at the COP29 summit in Baku on Wednesday.
-
Italian Prime Minister Giorgia Meloni on Wednesday called for collective action to limit global warming to 1.5 degrees Celsius during her address at the COP29 summit in Baku, emphasizing the need for a united response to the climate crisis.
-
Greek Prime Minister Kyriakos Mitsotakis on Wednesday urged European leaders to pursue a "smart green deal" at the COP29 summit in Baku, advocating for a balanced approach to the energy transition that takes into account both environmental and economic realities.
-
Kuwait’s Crown Prince Sheikh Sabah Khaled Al Hamad Al Sabah affirmed the country’s commitment to environmental sustainability during a high-level meeting at the COP29 summit in Baku on Wednesday, emphasizing Kuwait’s adherence to international climate agreements, including the Kyoto Protocol and the Paris Agreement.
Leave a review