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Azerbaijan's PM: Azerbaijan maintained macroeconomic stability in 2009

16 March 2010 [15:10] - Today.Az
Production capacity of electricity in Azerbaijan in 2009 increased by 9.8 percent to settle at 6,370 megawatts, Prime Minister Artur Rasizade said while discussing the Cabinet of Ministers' report on country's socio-economic development in 2009 in the Azerbaijani parliament.

In 2009, Sumgayit power plant with capacity of 525 megawatts and Shahdag power plant with capacity of 104 megawatts were put into operation, Rasizade said.

Also construction of Cenub power plant with a capacity of 780 MW was also underway and construction of Ordubad hydro power plant with capacity of 36.5 MW and Fuzuli hydro power plant with 25 MW has begun in 2009.

One million manats have been allocated from President's Reserve Fund for studying possibilities of developing alternative sources of energy.

The investment program for 2010 envisages allocation of 40 million manats for introduction of alternative and renewable energy sources, Rasizade noted.

The Prime Minister also touched upon country's socio-economic development in 2009 in this report.

A balanced socio-economic policy conducted by Azerbaijani President Ilham Aliyev in 2009 promoted dynamic development of Azerbaijan as in well as years before, Prime Minister Artur Rasizade said while discussing the Cabinet of Ministers' report on socio-economic development of the country in 2009 in the Azerbaijani parliament.

"Despite global financial and economic crisis, Azerbaijan maintained macroeconomic stability last year. Real growth and prosperity of the country were ensured," Rasizade said.

Azerbaijan holds the highest position among the world countries on the main economic index - GDP for several years.

"Quantitative and qualitative changes achieved as a result of Azerbaijani President Ilham Aliyev's successful policy have laid the foundation for transition of economy to a new stage of development", Prime Minister added.

The Azerbaijani government has taken corresponding actions to maintain macroeconomic stability and competitiveness of production, boost monetary policy, solve social problems, protect the poor and stimulate business activity of entrepreneurship, he noted.

As a result of diversification of Azerbaijani economy, growth in non-oil sector of the country has been shown, Rasizade said.

According to him, leading international financial organizations like IMF, World Bank, EBRD appreciated anti-crisis measures taken by Azerbaijan.

Azerbaijan maintained its leading position in the latest report of World Bank and IFC Doing Business.

The World Economic Forum put Azerbaijan on the 51st place on Growth Competitiveness Index. It is the highest index among the CIS countries.

During the reporting period, real GDP growth was 9.3 percent to 34.6 billion manat, about 3.2 percent - in non-oil sector. Inflation fell to 1.5 percent.

"As in previous years, the government paid special attention to solve social issues", Rasizade said.

Among the taken measures, he highlighted increase in average wages by 8.6 percent to 298 manat, the labor pension - 104 manat. A minimal wage and the basic pension amounted to 75 manat.

About 180 million manat was allocated from the state budget for targeted social assistance of 654,000 people last year.

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NEWS

The new Baku Expo Centre will open its doors for the first time when it hosts the trade exhibition of the regions leading oil and gas industry event, Caspian Oil and Gas. The event will take place in the Azerbaijan capital from 1st to 4th June 2010.

Baku Expo Centre is an international standard, purpose-built events venue. It provides over 30,000m² of exhibition space and includes facilities for hosting conferences, meetings, seminars and presentations.

Mr. Edward Strachan, Executive Director of the ITE Group, which organises the exhibition and conference, said: We are delighted that Caspian Oil and Gas will be the first event to be held in the new exhibition complex. It marks the beginning of a new chapter in the history of this highly respected event by providing excellent facilities and room for future expansion. It is testament to the strength of the Azerbaijan economy and the foresight of the government that, even through a testing economic period, the construction of the Baku Expo Centre has been completed. Baku is the Caspian regions commercial centre and with this new exhibition facility, it will reaffirm the Azerbaijan capital as the focal point of the regions trade event activity too.

The Caspian Oil & Gas Conference will be held on the 2nd and 3rd June at the Hyatt Regency Hotel, also in Baku. 2010 will be the 17th edition of the event and the exhibition and conference are fully supported by the Ministry of Industry & Energy of Azerbaijan and the state oil and gas company, SOCAR.

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