Azerbaijan's public debt at 21.6% of GDP

Azerbaijan's state debt as of October 1 of this year amounted to 26.201 billion manats ($15.412 billion), or 21.6% of GDP projected for 2024, Report informs referring to the Ministry of Finance.

Compared to the same period last year, Azerbaijan's state debt increased by 52.3%.

In the structure of state debt, $5.299 billion or 7.4% of GDP accounts for external debt, while 17.192 billion manats ($10.112 billion) or 14.2% of GDP is internal debt.

External debt decreased by 18.9%, while internal debt, on the contrary, increased 2.8 times.

"The significant increase in domestic public debt corresponds to the objectives of the medium-term and long-term public debt management strategy. In particular, the growth of domestic debt is aimed at supporting the development of the government securities market, forming a medium-term and long-term yield curve for public debt, as well as gradually replacing external debt with domestic debt," the Ministry of Finance noted.