Azerbaijani PM: ‘Foreign exchange reserves exceed direct foreign debt over 7 times’

Azerbaijan's foreign exchange reserves increased by $2.7 billion and reached $56 billion, exceeding the direct foreign debt over 7 times this year, Prime Minister Ali Asadov said at a large meeting dedicated to the discussion of the state and summary draft budgets for 2023, as well as the indicators of the summary budget for the next three years, Report informs, citing the Cabinet of Ministers.

He noted that next year's budget revenues will be 30.7 billion manats ($18 billion), and budget expenditures will be 33.3 billion manats ($19.6 billion). The ratio of the budget deficit to GDP will be 2.4%.