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Azerbaijan’s foreign public debt amounts to 12.4% of GDP

Azerbaijan’s foreign public debt amounts to 12.4% of GDP

Date: 13 November 2015 17:22

Baku, Azerbaijan, Nov.13

By Anvar Mammadov - Trend:

As of Oct.1, 2015, Azerbaijan's foreign public debt amounted to 7.05 billion manat which accounts for 12.4 percent of the country's GDP, the Azerbaijani Ministry of Finance said Nov.13.

The message said that the statistics on the loans included direct obligations of the state and contingent liabilities on loans under state guarantee.

Of the total volume of borrowings, some 8 percent was attracted for up to 10 years, 58.6 percent - for the period from 10 to 20 years, and 33.4 percent - for a period exceeding 20 years.

As of Oct.1, the currency composition of loans received on the foreign debt is as follows: 9.4 percent of funds were attracted to the SDR (Special Drawing Rights of the IMF), 66 percent - in US dollars, 20.3 percent - in euros, 2.6 percent - Japanese yen, 1.7 percent - in other currencies, including the UAE dirham, the Islamic dinar, Saudi Arabian riyal and Kuwaiti dinar.

The funds which were mainly attracted from the World Bank, Japan International Cooperation Agency, the Asian Development Bank, Islamic Development Bank, the European Bank for Reconstruction and Development and other international financial institutions, were sent to support the economic reform programs, rehabilitation and reconstruction of infrastructure, including the construction and rehabilitation of power plants, construction of roads, improvement of water supply of regions, the development of services in the sphere of aviation and railways, as well as industry and energy.

The official exchange rate on Nov.13 is 1.0502 AZN/USD.

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