Fitch Includes Azerbaijan in List of Leaders That Received Benefits from Oil Boom
Fitch Ratings International Agency published a report on countries that gained the most from rising prices for raw materials in 2003-13 respectively. Azerbaijan was in the list of leaders, along with Bolivia and Peru. At the bottom of the table were Bahrain, Gabon, Venezuela and Suriname.
According to Fitch, centralized expenditures in developing countries, whose economies are based on exports of raw materials, rose by 5% of GDP since the mid-2000s with a sharp reduction of income from hydrocarbon exports.
The agency analysts believe that the total fiscal revenue in developing countries exporting raw materials at the end of this year will be reduced by $ 1.3 trillion compared to 2013. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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