Finance

Home page

Finance

Azerbaijani government takes control over IBAâ€™s external debt of $2.266 billion

05 March 2018 12:59 (UTC +04:00)

Azerbaijani government takes control over IBA’s external debt of $2.266 billion

As the next stage of measures on normalization of International Bank of Azerbaijan, as a result of voting ended on July 18, 2017, creditors owning 93.9% of liabilities voted for transfer of bank’s external debt of $2.266 billion to the government, APA-Economics reports quoting the 2017 annual report of the Cabinet of Ministers.

According to the report, the results of the voting are aimed at to issue government securities in foreign currency worth $2,265,900,000 for transfer of debts. In connection with this, amendment on increase of upper limit of public debt to AZN 4.5 billion has been made in the law on state budget for 2017. The new limit allowed government to issue government bonds in foreign currency worth $2,265,900,000 and IBA’s debt has been transferred to the government.