The change made in the strategy of socio-economic development for 2022-2026 will stimulate high economic growth
On August 4, 2023, a presidential decree introduced significant amendments to Azerbaijan's "Socio-Economic Development Strategy for 2022-2026," aimed at fostering sustainable economic growth. The revisions adjusted the public debt targets, setting the total public debt not to exceed 30% of GDP by 2026, with foreign public debt capped at 10 billion US dollars. This shift follows the achievement of previous fiscal targets, including maintaining foreign public debt at around 10% of GDP, currently standing at 6.7 billion US dollars.
The amended strategy also updates the "Medium and Long-Term Strategy for Public Debt Management for 2022-2025," incorporating provisions for raising up to 5 billion US dollars in foreign debt to finance priority sector investments. These strategic adjustments are intended to stimulate socio-economic development, with foreign public debt projected to reach approximately 7.1 billion US dollars by the end of 2025, equating to around 10.7% of GDP. These projections will adapt based on debt repayments and the financing of key projects.
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