Azerbaijan has strengthened its institutional framework for debt management, said MP Soltan Mammadov, Trend reports.
Speaking at a parliamentary hearing on "Scaling up actions for the Sustainable Development Goals: Finance, Institutions, and Politics" held at the UN Headquarters, organized by the Inter-Parliamentary Union (IPU) and the President of the UN General Assembly, Mammadov emphasized the importance of controlling state debt to achieve sustainable development.
The MP noted that Azerbaijan's external state debt represents only 6.9 percent of the country's GDP, having decreased by 20.1 percent compared to previous years. "This is one of the best indicators among global countries," he added.
Mammadov highlighted that Azerbaijan has implemented various measures to maintain macroeconomic stability and control both internal and external debts. These actions include enhancing the institutional framework for debt management and ensuring the efficient functioning of financial markets.
"As a result, economic forecasts have proven accurate, and most importantly, while investment inflows have materialized, citizens' savings have been shielded from depreciation. The goals outlined in the "Socio-economic Development Strategy of the Republic of Azerbaijan for 2022–2026" and the 'Medium and Long-Term Strategy for Public Debt Management' have been successfully achieved," he said.
At the request of the Speaker of the Parliament of Azerbaijan Sahiba Gafarova, Vice President of the Inter-Parliamentary Union (IPU) from Azerbaijan, Member of the Parliament Sevil Mikayilova delivered a speech on February 14 at the IPU Parliamentary Hearings at the United Nations in New York under the theme of "Scaling up actions for the Sustainable Development Goals: Finance, Institutions, and Politics."
Bringing together around 300 participants - including parliamentarians, consultants, and experts from more than 60 countries - the hearings are focused on revitalizing the 2030 Sustainable Development Agenda and discussing the role of parliaments in this effort.
