Azerbaijan is prioritizing a strategic shift in its fiscal policy, aiming to significantly reduce the state budget's dependence on oil revenues by 2030. Finance Minister Sahil Babayev emphasized that while the country maintains critical spending commitments, diversifying revenue streams remains a central economic objective.
Speaking in an exclusive interview with the Operative Information Center-OMM and AzTV, Minister Babayev outlined the government's primary budgetary priorities. These include maintaining the nation's defense capabilities, ensuring national security, and funding the "Great Return" program, which facilitates the resettlement of citizens to the liberated territories of Garabagh and East Zangezur. Additionally, the government remains committed to financing ongoing social welfare reforms initiated by the state leadership.
"Paralel olaraq, we will work diligently to gradually reduce the state budget's dependence on oil," the Minister stated. "Last year, oil revenues accounted for 48 percent of the state budget. We forecast that this figure will drop to 42-43 percent in the current year. By 2030, we plan for this figure to reach just 30 percent. This represents a significant structural change in the state budget, meaning that within five years, 70 percent of the budget will be funded through non-oil revenues."
The "Great Return" program, mentioned by the Minister, is a cornerstone of Azerbaijan's post-conflict reconstruction efforts. It focuses on the large-scale restoration of infrastructure, housing, and economic activity in the territories liberated during the 2020 Patriotic War, aiming to ensure the sustainable reintegration of displaced populations into their ancestral lands.
