President: Azerbaijan has almost completely reduced its dependence on international financial institutions

“Azerbaijan has, for many years, almost completely reduced its dependence on international financial institutions,” said President of Azerbaijan Ilham Aliyev as he addressed an international forum themed “Facing the New World Order” at the ADA University, according to Report.

“We stopped cooperation with the IMF soon after I was elected President first time. With other financial institutions, we either completely emptied the portfolio or very close to that. Our direct foreign debt is something more than 5 billion US dollars only. So, it's about less than 7% of our GDP, which is an indicator that we are not in need of financing,” the head of state added.