The international rating agency Fitch Ratings gave Azerbaijan’s long-term rating for domestic and foreign currencies a grade of "BBB-" in investment, with "Positive Outlook," the Azerbaijani Finance Ministry said.
The upgrade reflects the rapid strengthening of country’s economic power thank to constant reforms, socio-economic development and improvement of population’s welfare.
'Incomes from oil and budget policy increased the financial power of the country significantly, allowed to create currency reserves and kept the inflation at a managed level. Rapid development in non-oil sector of the republic paved the way for formation of competitive durability of national economy and intensification of development dynamics, as well as reduction of poverty, solution of several issues connected with human capital', told the agency.
The ministry’s information notes that the Agency says Azerbaijani economy became an integral part of world economy and specially stresses the country’s endurance over geopolitical risks.
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