Ministry: Debt to Huawei company written off
- 25 October 2016
Baku. Vusal Nabiyev - APA-Economics. Urgent measures have been taken to tighten the financial discipline in the Ministry of Communication and High Technologies, the First Deputy Minister of Ministry of Communication and High Technologies Ali Abdulayev said at the board meeting.
According to him, accumulated debts have been paid and they were restructured: “Abovementioned processes revealed some inflated debts and those debts have been reduced as a result of negotiations. So, millions of manat have been saved as a result of negotiations conducted for reduction in payables accumulated on the contracts signed with Huawei, ZTE and other companies. Old debt to Huawei has been completely written off, debt to ZTE was repaid under the schedule”.
“AZN 44 million was transferred to the state budget, AZN 19 million to the State Social Protection Fund, relevantly up 48.8% and 33% from 2015. Cash residual increased AZN 12 million to AZN 24 million, receivables rose AZN 18 million to AZN 142 million and payables dropped AZN 44 million to AZN 156 million”, he added.