Azerbaijan's state debt falls 2.5% in 9M

BAKU. Nov 28 (Interfax) - Azerbaijan's state debt was estimated at 26.201 billion manat or $16.59 billion at the current exchange rate as of October 1, 2024, amounting to 21.6% of GDP as predicted for the current year, the country's Finance Ministry said.

As previously reported, Azerbaijan's state debt stood at around 26.884 billion manat at the start of the year or 21.9% of GDP. It has thus fallen 2.5% in January-September.

External debt as of October 1 was equal to around 9 billion manat or $5.299 billion, or 7.4% of GDP. External debt has fallen $1.162 billion or 18% since the start of the year.

Domestic debt is estimated at 17.193 billion manat or 14.2% of GDP. Domestic debt grew 1.326 billion manat or 8.4% in 9M.

The growth of domestic government debt aligns with the objectives of the medium- and long-term government debt management strategy, which aims in particular to support the development of the government securities market and gradually replace external debt with domestic debt, the Finance Ministry said.

As reported, the Finance Ministry forecasts that state debt will be 28.175 billion manat or $16.57 billion in 2024. It will reach 30 billion manat or $17.64 billion in 2025, or 23% of GDP. State debt will thus grow 6.5% next year.

The official exchange rate on November 28 is 1.7 manat/$1.