Baku, September 9, AZERTAC
"There was a sharp drop in oil prices over this period. Of course, experts and analysts will have to examine the reasons for this situation. But it is possible that this too is the result of a political order. But despite this, we had to be ready for such a situation. The steps we have taken towards diversification and development of the non-oil sector helped us emerge from this situation with minimal losses. We are faced with such an unpleasant picture and should try to ensure economic development in 2016," said President Ilham Aliyev as he addressed a meeting on economic issues and preparation of the State Budget for 2016.
"Naturally, our revenues have declined significantly. Whereas the price of oil exceeded $100 last year, now it has dropped below $50, i.e. more than in half. But we are trying and will continue to do everything possible for the Azerbaijani people not to suffer from this. All social programs and social infrastructure projects are being implemented. Security and social protection of the population are provided," the head of state noted.