Azerbaijani state has enough resources to fully fulfill its social obligations, says president’s assistant

Azerbaijani state has enough resources to fully fulfill its social obligations, said Assistant to the President of Azerbaijan – Head of the Department of Economic Issues and Innovative Development Policy of the Presidential Administration of the Republic of Azerbaijan Shahmar Movsumov told Azerbaijan State Television (AzTV).

Moreover, Movsumov pointed out that the sharp decline in oil prices observed in the world market in recent days will not have a serious negative impact on Azerbaijan’s economy.

Movsumov pointed out that in accordance with the personal instructions of President Ilham Aliyev, the Azerbaijani government has been working for a long time to reduce the dependence of Azerbaijani economy on oil.

“It is the result of this successful work that today, the sharp decline in oil prices does not have a big impact on Azerbaijan’s economy. As a result of a sustainable and thought-out strategy, the dependence of Azerbaijani economy on oil is not the same as in 2014-2015. We lived through the agiotage, but this agiotage was eliminated in the shortest time. Azerbaijan has sufficient resources to withstand any crisis and quickly prevent any consequences.”

“Our fiscal stability is in place, our financial resources account for more than 106 percent of GDP. We can say that at present there is no country in the world with such indicators and this gives us confidence,” he said.

Movsumov noted that certain anti-crisis measures, of course, should be taken in any case.

“First of all, today the state has enough resources to fully fulfill its social obligations. There should be no doubt about this. Secondly, the country has enough resources that create the opportunity for fiscal and monetary maneuvers,” he added.