Azerbaijan uses 83% of loans borrowed from international financial organizations

Azerbaijan uses 83% of loans borrowed from international financial organizations
  • Clock-gray 13:46
  • calendar-gray 05 March 2018

As of January 1, 2018 Azerbaijan signed 194 loan agreements with international development banks, funds and financial organizations for funding of 160 projects and programmes. Of these, 113 projects and 7 programmes have been completed, 40 projects are being implemented, APA-Economics reports quoting the 2017 annual report of the Cabinet of Ministers.

 

According to the report, total amount on these agreements made up $13.919 billion, of which $11,518,700,000 or 82.6%, including $2,908,900,000 in 2017 has been used. As of January 1, 2018, $2,676,900,000 has been repaid. Rest of external debt with the state guarantee amounted to $9,398,300,000.   

 

‘$5,510,400,000 or 58.6% of external public debt is loans directly borrowed by the state, $3,331,400,000 or 35.5% - foreign currency nominated government securities, $556.5 million or 5.9% - conditional liabilities, which are considered as the external public debt. In 2017, $855.9 million was repaid from the state budget on the external public debt. Of these, $668.7 million was principal debt, $187.2 million – payments on loan interests’, the report said. 

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