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    Speaker Ogtay Asadov: Azerbaijani economy retains stability

    'Transfers from the State Oil Fund will be reduced, and this process will continue in the future'

    Baku. 6 December. REPORT.AZ/ Despite the current problems, economy of Azerbaijan has retained its stability.

    Report informs, Speaker of Milli Majlis (Azerbaijani Parliament) Oktay Asadov said at today's plenary session.

    "Foreign exchange earnings to our country reduced due to the decline in oil prices more than triple.

    Despite the current problems, economy of Azerbaijan has kept its stability. Real economic growth projected next year. Development of non-oil sector of the economy will reduce dependence in oil. Revenues and expenditures of state budget have decreased. However, the social dimension remained. Costs were reduced, except for social and state programs.The state budget allocated enough funds to maintain the defensive might and the security of the country", he said.

    "The main priority is to increase revenues from non-oil sector. Transfers from the State Oil Fund will be reduced, and this process will continue in the future", O. Asadov noted.

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