New York: Azerbaijan has made significant strides in enhancing its institutional framework for managing public debt, according to Soltan Mammadov, a member of the Milli Majlis, Azerbaijan’s Parliament. Mammadov highlighted these developments during his address at the parliamentary hearings on ‘Scaling up Action for the Sustainable Development Goals: Finance, Institutions and Politics’ at the United Nations Headquarters. The event was a collaborative effort by the Inter-Parliamentary Union and the President of the UN General Assembly.

According to Azeri-Press News Agency, Mammadov pointed out that Azerbaijan’s external public debt now stands at 6.9% of the nation’s GDP. He noted that this represents a reduction of 20.1% compared to previous years, marking it as one of the best performances globally.

The MP elaborated on the measures undertaken by Azerbaijan to preserve macroeconomic stability while keeping prices stable, which have been crucial in managing both domestic and international debt obligations. These efforts have included improving the institutional base for debt management and ensuring the effective operation of financial markets.