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 reports..
"The achievements of Azerbaijan’s economic and financial bodies under the leadership of President Ilham Aliyev continue to gain recognition at the international level. The recent upgrade of Azerbaijan’s sovereign credit rating to investment grade (Baa3) by Moody’s is a testament to the effectiveness of reforms aimed at fostering non-oil sector growth, increasing revenue #diversification, and significantly reducing the state budget’s 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’s 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’s 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 said.
Source: en.trend.az
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