Ziyad Samadzade: Milli Majlis receives hundreds of appeals on credit debts

Baku. 6 October. REPORT.AZ/ "Economic reforms in Azerbaijan over past 20 years were successful".

Report informs, Ziyad Samadzade, Chairman of the Parliamentary Committee on Economic Policy, Entrepreneurship and Industry, said at today's Fifth Investors' Fair titled “The Future of Microfinance in Azerbaijan: Challenges and Potential" held in Baku today.

According to him, during this period, the country's economy has grown rapidly and poverty line fell from 51% to 6%.

However, Z. Samadzade said that the majority population's being indebted to financial institutions, including to microfinance organizations, and overdue loans should cause concern: "Milli Majlis receives hundreds of appeals on credit debts. Relevant research should be conducted whether interest rates were high or debtors were not properly assessed in order to prevent bad loans. How profitable banks turned into such a situation after devaluation, all these issues should be analyzed. But the country's economy is developing and financial performance will gradually improve".