Low debt and vast foreign-exchange reserves shield the country from short-term shocks. Yet rising domestic debt, state guarantees and the budget’s dependence on hydrocarbons demand a stricter assessment of sustainability. At first glance, Azerbaijan’s public finances look almost invulnerable. As of July 1, 2026, total public debt stood at about 23.83 billion manats, or roughly 18.2% of projected GDP — one of the lowest debt b...

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