Tahir Mirkishili: Azerbaijan's credit rating was expected to be upgraded

Fitch Ratings, an American credit rating agency, was expected to raise Azerbaijan’s credit rating from BB+ to BBB level, Chairman of the Committee on Economic Policy, Industry and Entrepreneurship of the 6th convocation of Azerbaijan’s Milli Majlis Tahir Mirkishili told Report.

“We positively evaluate the improvement of our country’s credit rating, especially given the current geopolitical uncertainties and potential regional risks. I am confident that this assessment by the agency reflects the ongoing positive changes in Azerbaijan’s economy. The basis for the rating increase is an extremely prudent and flexible macroeconomic policy. This policy helps create new opportunities for maneuvering in an unstable world and preserving existing opportunities,” Mirkishili noted.

“If we examine the rating in all aspects (economic growth, debt, foreign finance, banking sector, inflation, monetary policy), we will see that the main factors enabling us to maintain it are low and relatively stable inflation, development of the non-oil sector, reserves, and low public debt. With the annual inflation rate below the target indicator and accelerating economic growth, confidence in development is strengthening. According to the agency’s forecasts, economic growth in Azerbaijan is expected to recover to 3.2% in 2025, 2.7% in 2026, and 2.3% in 2026. The Ministry of Economy’s forecast indicates that economic growth will accelerate to 3.8% in 2024,” Mirkishili added.