Tokayev also named a new prime minister and announced measures to instil public confidence in state institutions.

Development of the Azeri-Chirag-Guneshli (ACG) oilfield and the Shah Deniz gas field are the main energy projects in Azerbaijan.

SOFAZ sovereign wealth oil fund holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue.

According to Fitch, progress in reducing reliance on public sources of funding and moving towards market-determined financing costs differed across sectors and entities.