Moody's anticipates continued accumulation of SOFAZ assets as the government advances non-oil revenue mobilisation and non-oil fiscal consolidation efforts to reduce reliance on hydrocarbon windfalls, APA-Economics reports.
This was stated by the international rating agency Moody's Ratings in its periodic review of Azerbaijan's sovereign ratings.
The relatively narrow state deficit will keep the government's debt burden well contained below 30% of GDP as targeted by the latest medium-term fiscal framework, remaining significantly lower than the median for similarly rated peers. This factor indicates the government’s strong financial position and the preservation of fiscal buffers formed through the State Oil Fund of Azerbaijan (SOFAZ).
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