By Ingilab Mammadov
BAKU, Azerbaijan, July 6. Azerbaijan’s economic
reforms have ensured an upgrade of its Moody’s rating to investment
grade, Azerbaijani Economy Minister Mikayil Jabbarov wrote on his X
page, Trend
“The achievements of Azerbaijan鈥檚 economic and financial bodies
under the leadership of President Ilham Aliyev continue to gain
recognition at the international level. The recent upgrade of
Azerbaijan鈥檚 sovereign credit rating to investment grade (Baa3) by
Moody鈥檚 is a testament to the effectiveness of reforms aimed at
fostering non-oil sector growth, increasing revenue
#diversification, and significantly reducing the state budget鈥檚
dependence on hydrocarbon revenues,” he said.
Minister stressed that the wide-ranging reforms implemented
across the country have ensured macroeconomic stability and fiscal
sustainability, deepened economic diversification, accelerated the
reconstruction of the liberated territories, and mobilized their
economic potential.
“Azerbaijan鈥檚 emergence as a key strategic transport hub in both
regional and global contexts also generates tangible socio-economic
benefits. Robust stability has been established through systematic
reforms in the banking and financial sectors and in monetary
policy; the disciplined application of budget rules; and
comprehensive tax reforms underpinned by transparency and
accountability. At the same time, strategic foreign-exchange
reserves have grown significantly, bolstered by transparent public
procurement practices and the digitalization of related processes –
together, these measures have driven a marked improvement in
Azerbaijan鈥檚 sovereign credit metrics,” Jabbarov added.
According to him, beyond macro-fiscal consolidation,
improvements in the investment climate and business environment are
attracting increasing foreign interest.
“The strengthened regulatory framework, investor-friendly
policies, and overall economic resilience are laying the foundation
for large-scale investment projects that support long-term
sustainable growth and further economic diversification,” he