Our strategic foreign exchange reserves exceed our state external debt by over six times, President of Azerbaijan Ilham Aliyev said addressing the 15th Summit of the Economic Cooperation Organization (ECO), Trend reports.
"Azerbaijan's external debt accounts for only about 17.3 per cent of its gross domestic product. By the end of 2030, we plan to decrease it to 10%.
During the last 18 years, the poverty rate in Azerbaijan has decreased from 49% to 6%. The unemployment rate in the country is around 6%.
Azerbaijan's achievements are highly appreciated by the international institutions. The Davos World Economic Forum report ranks Azerbaijan in the 10th place for the long-term government strategy and 5th in the world in terms of the leadership's commitment to reform.
Again, according to the Davos report - Azerbaijan ranks the 2nd for electricity supply to the population, 11th for efficiency of railroad services, 12th for efficiency of air transportation services, 25th for efficiency of seaport services, and 27th for quality of road infrastructure.
This April, Azerbaijan has signed an agreement with the World Economic Forum to establish Azerbaijan Affiliate of the Centre for the Fourth Industrial Revolution Network. We hope that the Centre will also contribute to the cooperation within the ECO," the head of state said.