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 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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