July 22, 2025 – Baku
Azerbaijan’s total public debt stood at 25.7 billion manats as of July 1, 2025 — equivalent to 19.9% of the country’s projected GDP for the year — according to the Ministry of Finance.
The figure represents a marginal decline of 0.004% compared to the same period last year, signaling continued fiscal stability.
Of the total, external debt accounts for $5.01 billion (8.52 billion manats), representing 6.6% of GDP, while domestic debt stands at 17.18 billion manats, or 13.1% of GDP.
Notably, external debt decreased by 6.6% year-over-year, while domestic debt rose by 3.7%, reflecting a shift in the government’s borrowing structure toward internal sources.
Financial analysts say the figures reflect a disciplined debt management policy and a favorable debt-to-GDP ratio, well below international risk thresholds. Azerbaijan’s current levels place it among the more fiscally conservative economies in the region.
