Fitch forecasts Azerbaijan's fiscal balance to turn into a surplus in 2018 due to higher oil and gas revenues and after recording a 1.6% of GDP deficit in 2017.
‘This is despite a loosening of policy in the revised 2018 budget, with higher revenues used to finance higher spending, including an AZN1.6 billion (2% of GDP) increase in capex. Budget transfers from SOFAZ will rise by 13% to AZN11 billion, while support to the state-owned oil and gas company SOCAR will also increase by AZN0.96 billion in form of a capital injection and subsidies’, the agency said.
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