Azerbaijan aims to have 70% of its state budget revenues generated by the non-oil sector and only 30% from oil revenues by 2030, Finance Minister Sahil Babayev said during a session titled “International Financial Cooperation: Building Partnerships for Growth” held as part of the Azerbaijan International Investment Forum (AIIF 2026) in Baku, APA-Economics reports.
Sahil Babayev noted that over the past two years, Azerbaijan has managed to reduce transfers from the State Oil Fund of the Republic of Azerbaijan to the state budget by approximately 20%.
According to Sahil Babayev, a further 20% reduction in transfers from the Oil Fund to the state budget is planned over the next three years.
Sahil Babayev said that as a result of economic diversification and economic and fiscal reforms, the process of reducing Azerbaijan’s dependence on the oil and gas sector is continuing. Approximately 20–25 years ago, the oil and gas sector accounted for more than half of the country’s GDP.
The Finance Minister also touched upon Azerbaijan’s budget indicators over the past five years, saying that the budget surplus has consistently exceeded 3% of GDP.
Sahil Babayev emphasized that Azerbaijan has a strong macroeconomic and fiscal position and that economic growth has remained sustainable in recent years.
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