BAKU: Azerbaijani President Ilham Aliyev ordered the government Monday to draw up a major privatisation programme in a bid to revive the energy-rich nation’s stalling economy hit hard by falling oil prices.

The move came after a wave of popular protests shook the ex-Soviet Caspian nation amid swelling discontent over price hikes and the collapse of the national currency.

Aliyev “instructed the cabinet of ministers to prepare a plan for large-scale privatisation,” his office said in a statement.

“Measures must be taken to revitalise the economy and improve the business environment,” the statement quoted Aliyev as telling a government meeting.

Last week police clashed with protesters in several provincial cities across the country where local residents took to the streets against growing inflation and unemployment.

Azerbaijan’s economy has suffered a severe blow as a result of oil price slump.

Azerbaijan in December recorded an 11-fold acceleration of inflation, with consumer prices rising by 4.4 per cent after a 0.4pc increase in November.

Annual inflation stood at 7.6pc in December.

Published in Dawn, January 19th, 2016