30 Jan 2023 17:53

Azerbaijan's govt debt declines to 11.7% of GDP in 2022, external debt to 8.6% of GDP - finance minister

BAKU. Jan 30 (Interfax) - Azerbaijan's government debt decreased to 11.7% of GDP in 2022, Finance Minister Samir Sharifov said at a meeting of the collegium of the Finance Ministry.

As previously reported, Azerbaijan had government debt totaling 18.2% of GDP at the end of 2021.

According to Sharifov, Azerbaijan's external debt was estimated at 8.6% of GDP as on January 1, 2023, against 14.9% of GDP at the end of 2021, and domestic debt was estimated at 3.1% of GDP versus 3.3% of GDP at the end of 2021.

Foreign debt accounted for 74% in the structure of government debt at the beginning of the year, and domestic debt accounted for 26% in the structure.

As noted at the collegium meeting, the Finance Ministry has managed to ensure the sustainability of government debt.

Meantime, the priorities for the new medium-term period [until the end of 2025] are to boost domestic borrowing, gradually reduce external borrowing, and implement borrowing at a fixed rate.