Ilham Aliyev: Azerbaijan's external debt relative to GDP among the lowest figures on global scale

Today, Azerbaijan's external debt constitutes 5.6 percent of the country's gross domestic product, which is one of the lowest figures on a global scale, President Ilham Aliyev said as he addressed the 8th Congress of the New Azerbaijan Party (YAP), according to Report.

"At one time, I set the goal of reducing it to 10 percent of gross domestic product. Today, our external debt constitutes 5.6 percent of our gross domestic product. This is also one of the lowest figures on a global scale. I can tell you that in all developed countries this is either 100, 110, or 120 percent," the head of state said.

He reminded that during the investment forum, he also state that if we wished, we could reduce our debt to zero within 24 hours.

"What does this mean? It means that we will not leave a debt burden to future generations. To further accelerate our economic growth, we will implement investment projects even more actively. Therefore, economic stability and financial stability are our very serious success factors today. Despite huge expenditures on military matters, army building, border protection, and the restoration of Garabagh, we increase our foreign exchange reserves year by year, and our foreign exchange reserves have already reached 90 billion dollars, which is approximately 20 times more than our external debt. If anyone can find a second such country, let them tell me so that I know as well," the head of state said.