Press Review 08.06.2017

The development of the non-oil sector, the reasons for the reduction of bank deposits, the squandering of oil revenues, and the failure of officials to save the economy are the leading topics of today's press.

The Azerbaijan writes that the model of economic development of the non-oil sector has been chosen as a priority. The author emphasizes that Azerbaijan is a country emerging from the world crisis with minimal losses. The past period clearly demonstrated that the country does not depend on oil.

The author quotes President Ilham Aliyev, who quotes the figures for the four months of this year, according to which the trade surplus amounted to $ 1.2 billion, trade increased by 11%, exports - by 41%, non-oil exports - by 22%, and agricultural exports - by 44%.

The Echo published an article about mistrust of the population to banks.

Since the first devaluation to date, the population has acquired about 2 billion dollars. People store some of the money at home - "under the pillow", while a small part is stored in banks on dollar deposits.

Significant amounts of funds "do not work", which hinders the development of the economy.

The Yeni Musavat deals with the topic of oil revenues. Expert Gubad Ibadoglu says that oil revenues have been spent extremely inefficiently.

MP Ali Masimli agrees with him, recalling that the current external debt of the country is 20% of GDP. For today, oil revenues have totaled $ 135 billion, of which $ 100 billion has been spent, and $ 35.6 billion has been retained as assets of the Oil Fund. -0 ----