Baku: Azerbaijan’s public debt saw a reduction exceeding AZN 800 million by October 1, marking a significant financial shift for the nation. As reported, the country’s public debt now stands at 25 billion 365.1 million manat, equating to 19.5% of its gross domestic product (GDP).
According to Azeri-Press News Agency, the breakdown of the public debt reveals that domestic debt was recorded at 17 billion 46.8 million manat, while foreign debt amounted to 4 billion 893.1 million US dollars, or 8 billion 318.3 million manat. This indicates a notable decrease in both domestic and foreign debts compared to the same period last year.
The data shows that domestic public debt experienced a reduction of 0.85%, amounting to 146.1 million manat, whereas foreign public debt saw a decrease of 7.7%, or 406 million dollars. This cumulative reduction led to a total decrease of 836.3 million manat in the country’s public debt within a year.
During the reporting period, Azerbaijan allocated 1 billion 516.8 million manat for public debt servicing expenses. Out of this, 1 billion 66.8 million manat was designated for external public debt, and 449.9 million manat was allocated for servicing domestic debt.