Baku: ‘The presented budget draft is the financial provision of the development strategy extending from victory to a welfare society,” said Minister of Finance of Azerbaijan, 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 discussion of the 2026 budget draft – the largest budget package in Azerbaijan’s independence history – coincides with the fifth anniversary of the Victory, which has been written in golden letters into the history of Azerbaijan’s modern statehood. He attributed this victory to President Ilham Aliyev’s far-sighted and wise policy, consistent reforms in state and army building, and efficient mobilization of economic and financial resources. The budget draft presented is regarded as the financial provision of the development strategy that extends from victory to a welfare society.

The minister emphasized that the draft budget for next year is a continuation of the path that led to the historic Victory. He highlighted the strategic foreign exchange reserves reaching 82.5 billion dollars and the external public debt being only 6 percent of GDP as indicators of effective economic policy and reform results. These reforms have been recognized by international rating agencies, with Moody’s upgrading Azerbaijan’s sovereign credit rating to investment grade, following Fitch’s earlier decision.

The minister further noted that the state’s increasing capabilities have created conditions for strengthening social protection and consolidating Azerbaijan’s position as a social welfare state. As a result of the President’s initiatives, the fifth social reform package was implemented in 2025, increasing the amounts of minimum wages, pensions, benefits, and allowances. These reforms underscore the President’s commitment to improving the well-being of the population, particularly for socially vulnerable groups.