On March 5, S&P Global Ratings projected that Azerbaijan’s external debt will reach $6.6 billion by 2025, with long-term debt totaling $1.8 billion and short-term debt amounting to $4.8 billion. The agency also estimated that global commercial public debt will reach $77 trillion by the same year.

As of January 1, 2025, Azerbaijan’s external public debt stood at $5.129 billion, or 6.9% of GDP, while its domestic public debt totaled $10.999 billion, accounting for 14.8% of GDP. The external public debt is scheduled for repayment as follows: 49% within five years, 44.9% between five and ten years, and 6.1% over a period exceeding ten years.

In terms of creditors, 63.3% of Azerbaijan’s external debt is owed to multilateral financial institutions, 27% to Eurobonds on international markets, and 9.7% to bilateral loans. The largest creditor is the Asian Development Bank, which holds 35.1% of the debt, followed by Eurobonds at 27% and the World Bank at 15.8%.