As of July 1, Azerbaijan’s direct and guaranteed external state debt amounted to $8.92 billion, decreasing by 0.1 percent compared to the beginning of the year, Trend reports citing the Ministry of Finance.

As of January 1, 2019, Azerbaijan’s direct and guaranteed external state debt amounted to $8.927 billion, while in 2018 it decreased by 5 percent.

The ratio of external state debt to gross domestic product (GDP) amounted to 19 percent (from the forecast of GDP for this year in the amount of 79.649 billion manats), the Ministry of Finance said.

The state debt includes direct government obligations of Azerbaijan and loan obligations guaranteed by the state.

External state debt includes loans raised from international financial institutions for infrastructure projects and financing programs, as well as securities placed in international financial markets.

According to the government’s plans, the ratio of external debt to GDP in 2026 is planned to be reduced to 12 percent.