“I believe the plan to reduce foreign debt is being implemented,” said Azerbaijani President Ilham Aliyev.

Axar.az reports that President Aliyev made the remarks at the Azerbaijan–Latvia business forum.

He noted that Azerbaijan’s external debt is equivalent to 6.1% of GDP.

“Our foreign exchange and gold reserves exceed our external debt by more than 18 times. In other words, we could, in my opinion, bring our external obligations to zero within a few months. However, there is still a strong need for additional investments. These are primarily directed toward the reconstruction and restoration of the liberated territories of Karabakh and East Zangezur. Investment priorities are clear. We have already partially discussed this and will continue to do so,” he said.