President: Azerbaijan developing despite crises, opposing forces, falling oil prices

Baku, Azerbaijan, Sept. 8

Trend:

The steps to diversify and develop the non-oil sector helped Azerbaijan to live through the situation related to the drop in oil prices in the world with minimal loss, said Azerbaijani President Ilham Aliyev Sept. 8.

He was addressing a meeting dedicated to the economic issues and the works on preparing the 2016 state budget in the country.

"Over this period, the oil price dropped sharply. And, of course, the experts, analysts should explore the reasons. But it isn't ruled out that this is also a result of a political order," said the president.

"But despite that, we had to be ready for this situation," he said. "The steps to diversify and develop the non-oil sector, taken so far, have helped us to live through this situation with minimal losses, despite that our incomes have shrunk considerably, which is natural."

The president also said that last year the price of oil was higher than $100 per barrel, whereas now it is less than $50, decreasing by over half.

"But we are trying and will try for the people of Azerbaijan not to suffer because of this," said the president. "All the social programs are being realized, the social infrastructure projects are being implemented, and the security and social protection of people are provided."

"This is unpleasant and naturally, we should try to ensure the economic development in 2016," he said, adding that Azerbaijan's economy has developed rapidly in 2015.

"By tradition, we will discuss the results of nine months during the expanded government meeting next month," he said. "However, the results of the six months suggest that we will end this year with very high rates."

The GDP has increased by about 6 percent, while the non-oil economy has grown by over 9 percent, the inflation is at a very low level, the agriculture has increased by 7.3 percent, the non-oil industry has grown by 14 percent, said the president, adding that these are the achievements in the crisis year.

Aliyev added that it is very difficult to find such high indices on a global scale.

"And again, why? First, we have a strong political will. We have created our policy only by taking into account the interests of Azerbaijani people," said Aliyev, adding that the second reason is related to the thought-out economic policy and reforms carried out throughout many years.

"Today, these reforms are highly appreciated by international financial organizations," said the head of state. "I should note that this year, Fitch Ratings international rating agency confirmed Azerbaijan's stable rating again."

"Our rating is at the "BBB-" level. It is a very big achievement. Perhaps the general public doesn't know this, and it was presented in the form of short news in the press, whereas it is a very big achievement," said the head of state.

"Let them look at the credit ratings of other countries - all of them have their credit ratings falling, while the ratings in Azerbaijan are stable. Why? Previously, envious persons and detractors were associating our successes with oil, saying that Azerbaijan produces oil, that's why it is developing. Well, oil production in Azerbaijan doesn't increase but decrease. The price of oil has fallen by more than half. We are developing anyway. They don't want to accept that a considered policy is the basis of our development."

"Anti-Azerbaijani forces, Islamophobic forces, which don't want to accept our independence, have always been trying to cast a shadow over our work," said the president. "Today, a sordid campaign continues against us: in the run-up to the European Games, during the European Games and now. Why? Because we are defending our country, we don't allow and won't allow the fifth column and traitors to dictate their conditions. That is the overall political and economic picture today. Once again I would like to say that before the end of the year we will conduct all the necessary activities for the economic development to continue. Of course, the government should work more actively and flexibly next year so that our economy would grow in the future as well."