MP: Azerbaijan's foreign exchange reserves exceed external public debt

Azerbaijani MP Ziyad Samadzade has said that Azerbaijan's foreign exchange reserves exceed the external public debt by eight times.

Samadzade made the remarks at a meeting of the Economic Policy, Industries and Enterprising Committee of the Azerbaijani parliament, Report informs.

“The reduction of the state debt from year to year and its reduction relative to the gross domestic product (GDP) to 10 per cent is the result of the principled policy of the country’s president,” he said.

Another Azerbaijani MP Vugar Bayramov has said that Azerbaijan's profit from the non-oil sector covers 64 per cent of current expenses.

Bayramov made the remarks at a meeting of the Economic Policy, Industries and Enterprising Committee of the Azerbaijani parliament, Report adds.

“This creates a risk for the country’s state budget as non-oil revenues must fully cover current expenses,” the MP said.