"This was made possible thanks to the implementation of the external debt management strategy. I once set an objective that we should be very cautious in obtaining loans. At the same time, state-owned companies used to take various loans without asking anyone. And when they could not repay those loans, the burden of payment fell on the state," President Ilham Aliyev said.
The head of the stated added: "At the same time, a very opaque picture was observed. We have put an end to that. No government agency can take a single manat in loans without the government’s permission. Every loan is now approved by the government, and we should attract loans only to projects that are important, to projects with a high-tech component, as well as projects being implemented in liberated lands. There is no need for taking loans for other projects. This is why we have reduced our foreign debt both in absolute terms and in relation to the GDP. Of course, the gross domestic product has also increased, but I don’t want to cite a specific figure as yet. But I think that if we continue to develop at this pace, there will be a very significant growth by the end of the year."
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