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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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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