Azerbaijan's debt balance is not as stable as the government says.
According to the expectations of the International Monetary Fund in the last regional review, GDP in Azerbaijan by the end of the year is expected to reach $ 35.7 billion (57.8 billion manat at the current exchange rate). In this case the total public debt (on external and domestic liabilities) will be at the level of 39.6% of GDP, or $ 14 billion 137 million. It is three and a half times the foreign currency reserves (by Oct. 1, according to the Central Bank, they were $ 4 billion 132.7 million).
Recall, the government of Azerbaijan has always voiced level of the total debt in 12-13% and reported additional lending opportunities in the country by international financial institutions.
By October 1, the GDP amounted to 43 billion 436.3 million manat (minus 3.9% versus the same period last year). The SSC explains this with a decline in output in the construction sector. However, this is not the case - for example, in the record year 2014 due to oil exports, the figure was $ 75 billion 188 million. "Thanks" to the double devaluation of the manat, it sank more than twofold. --17D-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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