ECONOMY


Issue related to problem loans was resolved at the highest level, President Ilham Aliyev

Baku, May 1, AZERTAC

The issue related to problem loans was resolved at the highest level, said President Ilham Aliyev as he addressed a meeting of the Cabinet of Ministers dedicated to the results of socioeconomic development of the first quarter of 2019 and future tasks.

The head of state said: “Another important issue was related to problem loans. This issue was resolved in Azerbaijan at the highest level. As you know, several years ago, as a result of a sharp, almost four -fold drop in the oil price, oil-exporting countries were faced with great difficulties. National currencies in these countries, including Azerbaijan, depreciated. It was inevitable. But we managed to stabilize the situation in a short time. In 2016-2017, steps were taken to ensure economic and macroeconomic stability even though inflation in those years was high. However, we managed to stabilize the situation and created a basis for development. Naturally, as our economic and financial opportunities increased, we resolved this issue of concern to our citizens and did that at the highest level. Several countries have also taken certain steps on this issue – I do not want to draw any comparisons. But I can say that we in Azerbaijan have resolved it in the most large-scale and fair manner, satisfying our citizens. Why? Because our policies are centered on the people of Azerbaijan. We are doing everything possible for the well-being of our citizens. Thus, the issue which had been bothering hundreds of thousands of our people has been successfully resolved. That is, the payment of compensations has begun, and I am sure that it will be completed in a short time.”

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