Baku, Azerbaijan, April 9. Azerbaijan has, for
many years, almost completely reduced its dependence on
international financial institutions, said President Ilham Aliyev
as he addressed an international forum themed “Facing
the New World Order” at ADA University, Trend reports.
“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.