The agency forecast economic growth of 2.1 percent in 2021 and 2.9 percent in 2022, below the projected 'BB'-median of 4.2 percent growth.

Citizens of Azerbaijan and foreigners, as well as local and foreign entities, will be able to subscribe to the bonds, although the priority will be given to individual investors, the company said in a statement.  Foreigners and foreign legal entities will also be able to buy from bondholders in the secondary market.

The country’s economy, which relies heavily on oil and gas production, took a serious hit from a decline in global oil prices and the COVID-19 pandemic. In the first quarter, the economy shrank by 1.3 percent.

In fact, delimitation and change of sovereign states’ boundaries in general is always a painful process which has a serious impact on the concerned parties. 

Azerbaijan and Armenia remained in a deadlock as the two antagonists inched forward with the tedious process of demarcating their borders. At the heart of the matter is restoring long-closed trade routes.