Azerbaijan’s public debt declines – finance minister

Azerbaijan’s total public debt stood at 25.4 billion manats ($14.9 billion) as of October 1, 2025, equivalent to 19.5% of the country’s GDP, Finance Minister Sahil Babayev said during discussions on the 2026 state budget bill.

According to the minister, the figure is 2.2 percentage points lower compared with the beginning of the year.

Of the total debt, 17.1 billion manats (67.2%) are domestic liabilities, while 8.3 billion manats ($4.9 billion, 32.8%) account for external debt.

Babayev said the country’s exposure to exchange rate and foreign market risks remains low.
Forecasts indicate that the debt-to-GDP ratio will fall to 21.8% by end-2026 and to 21.2% by 2029.

Azerbaijan remains among the 20 countries worldwide with the lowest public debt-to-GDP ratio.