The country reduced oil exports by 9.5 percent year-on-year to 18.771 million tonnes and increased exports of natural gas by 56.4 percent to 13.242 billion cubic metres (bcm) in the period from January to August.

Whether Gazprom will secure the necessary German and EU authorisations to proceed with the pipeline is not yet certain.

The volume of attracted foreign direct investment for the implementation of the project is estimated at $140 million.

The country's government approved a draft budget for 2022 with a deficit of 3.5 percent of gross domestic product (GDP), down from 5.5 percent expected this year.

IMF said that the economic recovery was set to continue in the second half of 2021 and through 2022 with GDP growth of 6.5 and 4.5 percent, respectively, expected this year and next.