The long-term ratings of default of the issuer’s default of Azerbaijan Mortgage Fund (AMF) have been worsened, both in manats and in foreign currency - BBB- became BB+ with a negative outlook.
According to the report of Fitch Ratings, this is due to the recent deterioration in the sovereign rating of Azerbaijan in connection with the fall in oil prices and the devaluation of the manat twice.
There is another reason - AMF activity is controlled by the Central Bank of Azerbaijan. In addition, the government is acively involved in the financing of housing construction. So AMF's ratings could be improved only after the improvement of the sovereign ratings of the state. --17D-
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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