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PM: Practical steps underway to fulfil Zangazur corridor project

16 March 2022 10:00 (UTC+04:00)
PM: Practical steps underway to fulfil Zangazur corridor project

By Ayya Lmahamad

Azerbaijani Prime Minister Ali Asadov has said that practical measures were taken in Azerbaijan in 2021 and are being taken today to implement the Zangazur corridor project

He made the remarks during a discussion of the Cabinet of Ministers' report on activities in 2021 at the parliament's plenary session on March 15.

In this context, he emphasized the significance of the memorandum of understanding signed by the governments of Azerbaijan and Iran on the establishment of new communication links between the Eastern Zangazur economic region and the Nakhchivan Autonomous Republic via Iran.

“The establishment of new communication ties makes an important contribution to the development of the region,” he said.

Macroeconomic balance

Asadov stated that the country is taking the necessary steps to maintain macroeconomic balance.

He noted that, despite the COVID-19 pandemic, prompt measures and the lifting of restrictions as a result of the vaccination allowed the country to re-establish economic activity.

The prime minister added that the country's strategic foreign exchange reserves now total over $53 billion.

Inflation

Moreover, Ali Asadov said that the rise in global food prices also exerted pressure on Azerbaijan in 2021.

Noting that external inflationary factors have become more active in Azerbaijan, he added that food inflation will account for 60 percent of overall inflation in 2021.

“The anti-inflationary policy is one of the important spheres of the Azerbaijani government's economic policy and is aimed at minimizing the impact of inflation on the population,” he said.

Reserve of basic foodstuffs

The prime minister also stated that a reserve of basic foodstuffs has been formed in Azerbaijan by presidential order.

He emphasized that the pressures on neighboring countries' banking and financial sectors have not affected Azerbaijan.

"The financial system of Azerbaijan is steady. Our national currency rate is stable and we have enough foreign exchange reserves," he said.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz

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