Agency: Azerbaijan's public debt to reach 23.3% of GDP by 2026

Azerbaijan's government debt reached 21.1% of GDP in 2024 and is expected to approach 23.3% of GDP by 2026, Report informs via the Fitch Ratings international rating agency's report on confirming Azerbaijan's credit rating.

"We estimate government debt reached 21.1% of GDP and approach 23.3% of GDP by 2026, one of the lowest among Fitch's investment-grade sovereigns. External debt has declined in absolute terms in recent years, currency composition has improved and about two-thirds of external debt is to official creditors. External government guarantees and on-lending declined to $5.6billion (7.6% of 2024 estimated GDP), from $6.4 billion in 2022, with 77% of these related to the Southern Gas Corridor project, which is profitable and not likely to require sovereign support," reads the report.

According to the Ministry of Finance, Azerbaijan's public debt as of October 1, 2024, is estimated at 26.201 billion manats ($15.412 billion), or 21.6% of GDP. The Ministry of Finance forecasts public debt by the end of 2024 to be at 28.175 billion manats ($16.573 billion). According to the ministry's estimates, the country's public debt in 2025 will reach 30 billion manats ($17.647 billion) or 23% of GDP.