Samir Sharifov: Ratio of Azerbaijan’s currency reserves to GDP reaches 100%

Asian Development Bank (ADB) has so far allocated $3.7 billion for 23 projects on infrastructure and other fields in Azerbaijan, Minister of Finance Samir Sharifov said at the 2019 Asian Development Public Debt Management Forum.

"Baku hosted the 48th meeting of ADB Board of Directors in 2015. I think this forum will create conditions for another successful cooperation between Azerbaijan and ADB. Azerbaijan started to conduct reforms in several fields. These reforms cover state financing and reduced budget revenues’ dependence on oil, strengthened the fiscal role of the budget. Generally, we already see the results of the successful economic reforms. This appears in macroeconomic stability, development of non-oil sector and low inflation. Consequently, the currency reserves are increasing. In the first quarter of 2019, the ratio of Azerbaijan’s currency reserves to GDP reaches 100%. Thanks to these achievements, Azerbaijan is among the 10 countries in Doing Business 2019 with best reforms," the minister noted.