Azerbaijan found solution to economic crisis in 2016 - president

In 2016, Azerbaijan found a way out of the crisis that resulted from the decline in oil prices, President Ilham Aliyev has said.


Aliyev was addressing a traditional meeting of the Cabinet of Ministers that he held to discuss this country's socio-economic development in 2016 and objectives for the next year, the president's official website, president.az, reported on 10 January.


Aliyev said that the region and the world saw more "dangers" and conflicts and experienced an economic slowdown last year. "However," he added, "Azerbaijan managed to continue its confident development and ensured its security, and our people lived in peace and tranquillity in 2016."


Aliyev said that all objectives set for 2016 were fulfilled and that a way out of the crisis that resulted from the decline in oil prices was found last year.


He said that that 8bn-dollar foreign investments and 3.7bn-dollar domestic investments were made in Azerbaijan's economy in 2016. He added that "one of priorities in 2016 was to safeguard [Azerbaijan's] foreign currency reserves, and this was done, too".


Aliyev also spoke about the Nagorno-Karabakh territorial conflict between Azerbaijan and its arch-enemy Armenia, APA news agency reported. "We will give an adequate response to all provocations [meaning clashes at the front line]. At the same time, the myth created by Armenia over the years was dispelled during the April clashes," he said. He was referring to April 2016 clashes as a result of which Azerbaijani troops reclaimed part of lands in Armenian-controlled Azerbaijani areas in the conflict zone.





www.ann.az