Minister: Reducing dependence on oil among key priorities of Azerbaijan

The draft state and consolidated budgets for 2026 have been prepared, taking into account Azerbaijan's socio‑economic priorities and the challenges ahead, the country's Finance Minister Sahil Babayev said, Report informs.

Speaking during the first reading of the draft law on the State Budget for 2026 at today's plenary meeting of the Milli Majlis, Babayev pointed out that the dynamic growth of non‑oil revenues not only reduces the state budget's dependence on oil but also creates opportunities to save strategic currency reserves:

"In the medium term, the government has set measurable strategic targets and a roadmap to minimize dependence on oil in public finance and to maintain public debt at a sustainable level. The 2026 draft budget also follows the principle of minimizing the dependence of extra‑budgetary state funds and regions on the state budget, which is another important parameter of fiscal sustainability," Babayev said.

The minister added that strengthening the country's defense capability and national security has also been identified as one of the main priorities of the 2026 state budget:

"Next year, 21% of state budget expenditures – amounting to 8.7 billion manats (just over $5.1 billion) – will be allocated for defense and national security purposes. This is 319 million manats ($187.6 million) more compared to the current year," he emphasized.