On November 19, Azerbaijani Finance Minister Sahil Babayev and Economy Minister Mikayil Jabbarov presented Azerbaijan’s 2026 budget, emphasizing 22 billion manats allocated for the Great Return program, investment in liberated territories, macroeconomic stability, defense spending, green-energy projects, and non-oil sector growth, while the Central Bank highlighted reforms in open banking, robust strategic reserves, low debt-to-GDP ratios, and financial policies designed to sustain inflation and strengthen the country’s position as a regional economic and logistical hub.

Sahil Babayev announced during the first reading of the 2026 state budget in the Milli Majlis that expenditures for implementing the First State Program for the Great Return would reach 22 billion manats by the end of this year. He stated that in 2026, 3.5 billion manats, amounting to 8.4% of budget expenditures, would be directed toward the restoration of liberated territories. He emphasized that accelerating construction in the liberated territories to enable the rapid return of the population remained the primary priority of the 2026 budget. Babayev also noted that Azerbaijan’s external debt accounted for 32.8% of the total debt portfolio, reducing the sensitivity of public debt to exchange-rate and foreign-market risks. According to the minister, Azerbaijan remained among the countries with the lowest public-debt-to-GDP ratios. Strengthening defense capabilities and national security was identified as a priority, with 8.7 billion manats—or 21% of expenditures—allocated for this purpose in 2026.

Mikayil Jabbarov cited the agreements signed on August 8 at the Washington summit concerning implementation of the Trump Route. Jabbarov stated that from January 1, 2019, to November 1, 2025, an average of nearly 200 new jobs per day had been created in Azerbaijan’s non-oil private sector. The share of the non-oil-and-gas sector in GDP rising from 58% to 70%. Jabbarov said that ongoing work in the energy sector was opening new opportunities for developing Azerbaijan’s green economy. He reported that approximately $2.8 billion in foreign and domestic investment had been mobilized for eight solar and wind power plants with a combined capacity of about 2 GW.

Rovshan Rustamov, Chairman of Azerbaijan Railways (ADY), stated that the Trump Route for International Peace and Prosperity (TRIPP) would directly connect Azerbaijan with Nakhchivan through Armenia and integrate with Türkiye’s railway system. He said Türkiye had begun construction of its 224-kilometer segment. Azerbaijan was intensively advancing the 110-kilometer Horadiz–Aghbend railway, launched in 2021 and scheduled for completion in 2026.

CBA Governor Taleh Kazimov stated during the parliamentary session that comprehensive reforms continued to strengthen the national economy and improve socio-economic welfare. He described 2025, designated as the Year of Constitution and Sovereignty, as a successful period marked by the peace agreement signed by President Aliyev in the United States. Strategic reserves increased 16.2%, reaching $82.5 billion. The main objective of the CBA’s monetary policy in 2026 would be to keep inflation within the target range. According to updated CBA forecasts from October, annual inflation in 2026 was expected to be 5.7%