Baku: Azerbaijan’s foreign exchange reserves have exceeded its external public debt by 14 times, as stated by Azerbaijan’s Finance Minister Sahil Babayev during the Milli Majlis (Azerbaijani Parliament) Committee for Economic Policy, Industries, and Enterprising meeting. The committee was convened to discuss the draft law “On the Implementation of the State Budget of the Republic of Azerbaijan for 2024,” APA reports.

According to Azeri-Press News Agency, the Finance Minister highlighted that the expenditures outlined in the 2024 state budget were executed with positive dynamics, thanks to President Ilham Aliyev’s strategic policy amidst global and regional developments. The Minister emphasized the stability of the national currency and noted the observed growth in the non-oil sector last year due to accelerated economic diversification. He further mentioned that at the beginning of this year, the country saw its foreign exchange reserves surpass its external state debt by a factor of 14. This development has
ensured both stability and an increase in reserves, alongside the reconstruction efforts in Karabakh and Eastern Zangezur and the maintenance of fiscal order in parallel with defense capability enhancements.