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MINISTER: AZERBAIJAN SHOWS HIGH STABILITY IN CRISIS PHENOMENA CONDITIONS IN GLOBAL ECONOMY
Trend
Sept 22 2011
Azerbaijan
As of Sept.1, Azerbaijani strategic currency reserves exceeded $40
billion, which is eight times more than the country's external debt,
Azerbaijan's Economic Development Minister Shahin Mustafayev said at
a meeting of chairmen and an annual meeting of the Tariffs/Pricing
Committee of the Energy Regulators Regional Association (ERRA) in
Baku on Thursday.
"Given conditions of the crisis phenomena continuing in the world's
markets, Azerbaijan shows high stability," Mustafayev said. "So as of
Sept.1 the ratio of external debt to GDP has reached seven percent,"
he added.
He said that over the past ten years, GDP in the non-oil sector
grew by 2.8 times, while GDP as a whole by four times. "This means
that today 70 percent of the economy of the South Caucasus countries
accounts for Azerbaijan's economy," Mustafayev said.
He said that the income of Azerbaijan's population grew 6.3 times
in ten years, while the poverty rate decreased by 5.4 times, from 49
percent to 9.1 percent.
"The country's proven hydrocarbon reserves give grounds for confirming
that Azerbaijan will continue to play an important role in energy
security in the global economy," Mustafayev emphasized.
Azerbaijan attaches a great deal of importance to regional and global
cooperation.
"Pipelines exporting oil and gas from Azerbaijan bring together
many countries in the region. If looking at the map, communication
lines do not pass through only one country [Armenia]. The reason is
Armenia's unconstructive position in the negotiation process in the
Nagorno-Karabakh conflict," Mustafayev said.
The ERRA, which includes the Azerbaijani Tariff Council, unites similar
structures of Central Europe, Eurasia, and the U.S. The association
was established in 2001.
The Association's tasks include support for regulatory organizations in
member countries, facilitating experience and information exchange,
and increasing research and the level of practical knowledge in
educational and practical spheres.
From: A. Papazian
Trend
Sept 22 2011
Azerbaijan
As of Sept.1, Azerbaijani strategic currency reserves exceeded $40
billion, which is eight times more than the country's external debt,
Azerbaijan's Economic Development Minister Shahin Mustafayev said at
a meeting of chairmen and an annual meeting of the Tariffs/Pricing
Committee of the Energy Regulators Regional Association (ERRA) in
Baku on Thursday.
"Given conditions of the crisis phenomena continuing in the world's
markets, Azerbaijan shows high stability," Mustafayev said. "So as of
Sept.1 the ratio of external debt to GDP has reached seven percent,"
he added.
He said that over the past ten years, GDP in the non-oil sector
grew by 2.8 times, while GDP as a whole by four times. "This means
that today 70 percent of the economy of the South Caucasus countries
accounts for Azerbaijan's economy," Mustafayev said.
He said that the income of Azerbaijan's population grew 6.3 times
in ten years, while the poverty rate decreased by 5.4 times, from 49
percent to 9.1 percent.
"The country's proven hydrocarbon reserves give grounds for confirming
that Azerbaijan will continue to play an important role in energy
security in the global economy," Mustafayev emphasized.
Azerbaijan attaches a great deal of importance to regional and global
cooperation.
"Pipelines exporting oil and gas from Azerbaijan bring together
many countries in the region. If looking at the map, communication
lines do not pass through only one country [Armenia]. The reason is
Armenia's unconstructive position in the negotiation process in the
Nagorno-Karabakh conflict," Mustafayev said.
The ERRA, which includes the Azerbaijani Tariff Council, unites similar
structures of Central Europe, Eurasia, and the U.S. The association
was established in 2001.
The Association's tasks include support for regulatory organizations in
member countries, facilitating experience and information exchange,
and increasing research and the level of practical knowledge in
educational and practical spheres.
From: A. Papazian