Baku: Reducing dependence on oil and ensuring debt stability are key priorities, said Finance Minister Sahil Babayev today during the discussion of the draft law ‘On the State Budget of the Republic of Azerbaijan for 2026’ at the plenary session of the Milli Majlis, APA reports.

According to Azeri-Press News Agency, the minister stated that the drafts of the state and consolidated budgets for 2026 have been prepared, taking into account Azerbaijan’s socio-economic priorities and the challenges ahead. Babayev emphasized that the dynamic growth of non-oil revenues, along with reducing the state budget’s reliance on oil, creates an opportunity to save strategic currency reserves. Over the medium term, the government has set strategic targets and a corresponding roadmap to minimize dependence on oil in the public finance sector and to maintain public debt at a sustainable level.

In the 2026 state budget draft presented, the principle of minimizing the dependence of extra-budgetary state funds and regions on the state budget has also been taken as a basis, which serves as another important parameter of fiscal sustainability.