It is important to maintain foreign exchange reserves - Ilham Aliyev (UPDATED)

The main objective in 2016 was to maintain foreign exchange reserves, and this goal was achieved, stated the head of state Ilham Aliyev at today's meeting of the Cabinet of Ministers. According to him, all the tasks of last year  were fulfilled, " and has been found a way out of the crisis situation created due to the fall in oil prices".

Aliyev said that Azerbaijan in 2016 continued the steady development, but then admitted that falling oil prices by 3-4 times reduced Azerbaijan's GDP.

He believes that 2016 will remain in history as a year of deep economic reforms, and the decisions taken will affect the development of non-oil sector. According to Aliyev, in 2016eight  billion dollars of foreign and 3.7 billion dollars of internal investments were invested in Azerbaijan.

Last year  the wage growth amounted to 7% and pensions - 8% increase in the number of tourists - 11%. In the end of his speech Aliyev declared  the 2017 "the Year of the Islamic solidarity".

The reduction of the country's GDP was about 3%, and inflation in 2016 - 12%. -71D-

2017 January 10 (Tuesday) 12:29:21

On Tuesday, January 10 under the chairmanship of President Ilham Aliyev an enlarged meeting of the Cabinet of Ministers on the socio-economic results of 2016 was held.

According to the official announcement, the State Adviser on issues of multiculturalism and inter-ethnic relations Kamal Abdullayev, the head of the Migration Service Firudin Nabiyev, and the head of the service ASAN Iman Karimov spoke at the meeting.

Ilham Aliyev made an opening statement and summarized the results of the meeting.

Details from the meeting will be announced later. -02D-