In 2024, Azerbaijan strengthened and developed its economy, the republic achieved significant macroeconomic figures, Azerbaijani President Ilham Aliyev said in his address on the occasion of New Year.
According to him, Azerbaijan's foreign debt is only $5.2 billion, its foreign exchange reserves exceed foreign debt 14 times. Azerbaijan also increased its foreign exchange reserves and currently have more than $72 billion in foreign exchange reserves, the head of state added.
"Our foreign exchange reserves exceed our foreign debt 14 times. If there is any developed country with figures close to these, show them to me. Therefore, in addition to all this work - such as the restoration of Karabakh and East Zangezur, the strengthening of our military power, and the implementation of social projects - we have also achieved these significant macroeconomic figures," Ilham Aliyev said.
The Azerbaijani leader explained that starting from 2025, the minimum wage and the minimum pension will increase by approximately 14-15%.
