Azerbaijan’s total sovereign external assets, including the assets of the Central Bank and the State Oil Fund, are expected to amount to approximately $91 billion this year, Erich Arispe Morales, Senior Director and Head of Sovereign Ratings for Eastern Europe at Fitch Ratings, said at the “Fitch in Azerbaijan” event held in Baku, APA-Economics reports.
According to him, Azerbaijan’s sovereign net foreign assets are expected to amount to approximately 73% of GDP.
Morales said that Azerbaijan’s public debt currently stands at below 20% of GDP.
He noted that the median public debt level for countries in the “BBB” rating category stands at 57% of GDP.
“Azerbaijan’s sovereign net foreign asset position is significantly stronger compared with other peer countries, including oil exporters in the same rating category,” the Fitch official emphasized.
Morales added that the current high oil prices are enabling Azerbaijan’s external assets to continue growing.
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