President Aliyev made the remarks at the “The New Energy Equation” session held as part of the World Economic Forum in Davos.
The head of state said that Azerbaijan will be preparing itself for this so-called post-oil era for about twenty years from now.
“At the same time, it was a stress on our economy because we had planned our budget at the level of 50 dollars this year and 60 dollars last year. We had to cut our expenses, our investments, and keep the social package in place. Our economy is stable and sustainable. We have large reserves. Therefore, we can compensate for this situation. But if this situation continues for longer, of course, it will be a big pressure on our budget,” he added.
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