Azerbaijan reduced external debt service expenditures in 2023

BAKU. March 1 (Interfax) - Azerbaijan allocated $838.8 million to service external debt in 2023, 1.9% less than in 2022.

The Ministry of Finance said that it allocated $534.4 million (a decrease of 13.5% compared to 2022) to service the principal amount of its external debt, and $304.4 million (an increase of 28.7%) for interest payments.

Azerbaijan's external debt is estimated at $6.461 billion (10.984 billion manat) as of January 1, 2024, or 8.9% of GDP. It decreased 3% last year.

Azerbaijan's external debt consists of 35.4% from Eurobonds, 29.9% from loans raised from the Asian Development Bank, 14.9% from loans raised from the World Bank, and 19.8% from other creditors.