🇦🇿 Azerbaijan
Public Sector Debt · 2026
Total Debt
33.0%
of GDP
Global Rank
#164
of 192
S&P Rating
BB+
Credit rating
SOE Debt
+9.5%
3 categories
Sovereign Wealth
73%
of GDP in SWF assets
5yr Change
-4pp
improving
Where the Debt Sits
Central Government
Energy SOEs
Central Government: 22.6%Subnational: 0.9%Energy SOEs: 7.0%Infrastructure: 1.5%Public Corps: 1.0%
Full Debt Breakdown
Central Government22.6% of GDP
Central GovernmentIMF WEO — General Government Debt
22.6%Subnational / Regional0.9% of GDP
SubnationalIMF WEO — General Government Debt
0.9%Energy SOEs7.0% of GDP
SOCAR (oil & gas)Moody's 2024 / SOCAR financialsDebt maturities 9.3B AZN ($5.5B) in 2024-25
7.0%Infrastructure SOEs1.5% of GDP
Azerbaijan Airlines (AZAL) & AzerEnergyIMF Article IV 2025State airline and power utility
1.5%Public Corporations1.0% of GDP
AzerGold & other SOEsIMF Article IV 2025Under Azerbaijan Investment Holding
1.0%Total Corporate Debt17.0% of GDP
NF corporate debt (est.)WB WDI 2020
17.0%Household Debt9.1% of GDP
Household debt (est.)WB WDI 2020
9.1%State Bank Liabilities3.0% of GDP
International Bank of Azerbaijan & state banksIMF Article IV 2025IBA restructured after 2017 crisis
3.0%All Layers Total62.1%
Credit Ratings
S&P
BB+
Moody's
Ba1
Fitch
BB+
Data Sources
IMF WEO — General Government Debtgeneral_government · Updated semi_annual
Dec 202623.5% GDP
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