Azerbaijan Ranks Third Globally for Financial Stewardship

The Government of Azerbaijan ranked third out of 133 countries in the Financial Stewardship category of the 2026 Chandler Good Government Index. According to the Chandler Governance Group, Azerbaijan placed behind Singapore and Norway, achieving the top global ranking specifically for country budget surplus. The index based its assessment on government debt, budget surplus, spending efficiency, and country risk premium, with Azerbaijan placing 16th in spending efficiency and 26th in government debt.

Complementing this ranking, Fitch Solutions, Inc. forecasts that Azerbaijan will maintain a general government budget surplus of 2.4% of GDP in 2026 and 2.2% in 2027. This outlook follows budget revenues that exceeded expectations in late 2025 and the first half of 2026. Analysts attribute these results to high global energy prices, prudent fiscal policy, and rising tax revenues from the non-oil sector.

To ensure long-term fiscal sustainability, the government is working to reduce its dependence on the State Oil Fund of the Republic of Azerbaijan. Non-oil revenues are expected to account for 57.4% of state budget revenues in 2026. Additionally, the government uses conservative oil price estimates in its budget calculations to create a buffer against external market volatility.