Baku:Azerbaijan’s total sovereign external assets, which include the assets of the Central Bank and the State Oil Fund, are projected to reach approximately $91 billion this year, as stated by Erich Arispe Morales, Senior Director and Head of Sovereign Ratings for Eastern Europe at Fitch Ratings, during the ‘Fitch in Azerbaijan’ event.
According to Azeri-Press News Agency, Morales revealed that Azerbaijan’s sovereign net foreign assets are expected to constitute about 73% of the country’s GDP. Additionally, he highlighted that Azerbaijan’s public debt is currently below 20% of GDP.
Morales pointed out that the median public debt level for countries within the ‘BBB’ rating category is about 57% of GDP. He emphasized that Azerbaijan’s sovereign net foreign asset position is considerably stronger compared to other peer countries, including those that are oil exporters in the same rating category.
He further noted that the ongoing high oil prices are contributing to the growth of Azerbaijan’s external assets.