As of 1 July 2015 Azerbaijan's foreign debt amounts to $ 6.6 billion. This is 1.8%, or approximately $ 120 million more than at the beginning of this year.
If at the beginning of the year the ratio of external borrowing to GDP was 8.6%, by the end of the first half of 2015 this figure grew to 12.2%. It is reported by the Ministry of Finance in the document on the forecast of the state budget and social and economic development in 2016 and the coming 3 years.
Every inhabitant of the country accounts for $ 686.5 of foreign debt.
Next year to repay foreign debt, a record amount of money will be allocated from the state budget - 1 billion 249.7 million manats. That's 473.5 million manats or 61% more than this year.
At the expense of the state budget, the obligations of credits and interests of government commercial companies (JSC Azerishiq, Azeraluminium and Azerbaijan Airlines) are also fulfilled. ----08D
Economics
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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Azerbaijan’s labor market has expanded, with the total number of employees in the country’s economy reaching 1.78 million as of early January 2025, according to preliminary data from the State Statistics Committee. The data reveals a nearly equal distribution of employment between the public and private sectors, with 882,800 people working in state-run institutions and 895,700 in the non-public sector.
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