Baku/01.22.22/Turan: The international rating agency S&P Global Ratings has confirmed the long-term issuer default ratings (IDR) of Azerbaijan in foreign and local currencies at the level of "BB+/B". According to the agency's statement, the outlook on the ratings was confirmed as "stable", according to the agency's press release.
S&P analysts believe that Azerbaijan's budgetary and external fiscal position remains one of the strongest among sovereign states, which are rated in the 'BB' category. The government has significant liquid state assets at its disposal, projected to average around 70% of GDP through 2025. According to the agency's forecasts, Azerbaijan's public debt in the medium term will be below 30% of GDP.
The currently favorable oil prices also support Azerbaijan's financial condition and balance of payments, the report goes on to say. According to S&P, Azerbaijan's economy will grow by 2.7% in 2022 after a strong recovery of 5.6% in 2021. However, the average annual growth of the country's economy in 2023–2025 is projected at 1.3%.
Medium-term growth prospects are weaker as oil production declines due to aging oil fields, and growth in gas exports is likely to only partially offset this trend, S&P said. Overall, the agency's analysts note that Azerbaijan's ratings are still constrained by weak institutional effectiveness, the country's narrow and concentrated economic base, and limited monetary policy flexibility.
In general, the long-term prospects for the country's economy look less favorable. Azerbaijan, according to S&P experts, is one of the oldest oil producers in the world and existing oil fields are aging and show a continuing decline in production. -06B-
Social
-
On November 12, the summit of world leaders commenced at the 29th session of the Conference of the Parties (COP29) of the United Nations Framework Convention on Climate Change (UNFCCC) in Baku. According to "Euronews," citing sources from the UN, the event is attended by around 100 heads of state.
-
On Wednesday, rain is expected in the capital during the night and morning hours. The northeast wind will change to the southeast in the afternoon. The air temperature at night will be +7 to +9°C, and during the day, it will reach +10 to +12°C. Humidity will be 70-75% at night, and 60-65% during the day.
-
Amid the bustling scenes of this year’s COP29 climate conference, a protest against whaling and deep-sea mining, organized by a group calling itself the FINS Initiative, drew significant attention from delegates and observers. However, questions have arisen about the legitimacy of the group, as an internet search yields little evidence of its existence beyond scattered mentions.
-
In the last two days, a "news" story appeared on TikTok about a whale spotted on Baku's seaside boulevard. The most "observant" users posted videos, commenting on the size of the animal. Later, other "witnesses" claimed it wasn't a whale, but a shark. Even later, a version emerged suggesting it was a submarine.
Leave a review