Azerbaijan's total debt amounted to 17.352 billion manats ($10.2 billion) or 21.6 percent of GDP as of July 1.

Earlier this month, Fitch Ratings affirmed Azerbaijan's long-term foreign currency Issuer Default Rating (IDR) at 'BB+' with a Stable outlook.

A joint statement at the end of the meeting said the two sides remained committed to the agreements reached after the end of last year’s 44-day “second Karabakh war”.

Commercial banks reported a total net profit of 1.760 billion lari ($568 million) from January to October compared to a loss of 85.9 million lari in the same period in 2020.

Oil and condensate production in 2022 is projected at 34.83 million tonnes, slightly up from the output expected this year and 0.24 million tonnes more than in 2020.