WB outlook: Azerbaijan's public debt will decrease by 2025

Azerbaijan's total public debt is projected to reach 16.1% of gross domestic product (GDP) this year, Report informs, citing the World Bank. Thus, Azerbaijan's total public debt ratio to GDP is expected to be 16.2% next year and 15.8% in 2024.

The international rating agency Fitch Ratings predicted that the ratio of Azerbaijan's total public debt to GDP would decrease to 17% in 2022-2023, which was the lowest in the group of similar countries (average GDP, 57, 7%).

According to the decree of President Ilham Aliyev, the ratio of the consolidated budget deficit to the non-oil gross domestic product (GDP) in the medium term is set at 20%, and by the end of 2022 - 27.5%.

According to the Ministry of Finance, as of January 1, 2022, Azerbaijan's foreign debt amounted to $8.135 billion (13.83 billion manats) or 14.9% of GDP in 2021. The country's domestic public debt amounted to 3.068 billion manats or 3.3% of GDP.