2014 March 03 (Monday) 16:55:05
As of January 1, Azerbaijan's public external debt amounted to 5 billion 753.2 million manat, representing 8.2 % of GDP, reported the Ministry of Finance of Azerbaijan.
According to the Ministry of Finance, about half of the loans (48.3%) were attracted by the government with a maturity of more than 20 years, from 10 to 20 years - 43.6%, up to 10 years - 8.1%.
Government entertains people that in other countries external debt is much higher. For example, in Turkey it is 36 % of GDP, Russia - 14.1%, Georgia - 32.9%, Hungary - 79.8%, Slovakia - 34.3%, and the Czech Republic - 40.2%.
Comparison of the data as the Ministry of Finance shows that in 2013 Azerbaijan's foreign debt rose from $ 5.7 billion to over $ 6 billion, in 2012- 201Z 's total debt increased by $ 1,233 million State external debt per capita in 2013 increased from $ 610 to $ 639.
Azerbaijan borrows debts guaranteed by the Government mainly from international financial organizations (World Bank, European Bank for Reconstruction and Development, the Islamic Development Bank, Asian Development Bank, etc. ) , as well as the Czech Banking Consortium , Japan International Cooperation Agency , the German Development Bank, etc. - 08D -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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