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Samir Sharifov: Azerbaijan to penetrate international capital market this year

05 February 2007 16:42 (UTC +04:00)

Azerbaijan will penetrate international capital market this year, Finance Minister Samir Sharifov said, APA reports.
â€œSome say there is no need to penetrate international financial market as Azerbaijan is enjoying influx of petrodollars. The Government doesnâ€™t agree with this viewpoint. Buying and selling rate of Azeri bonds will show the rating of the economy. Moreover, we will be able to reduce financial risks of currency reserves,â€? he underscored.
He said Azerbaijan will be granted new ratings by Fitch in a few days.
â€œProbably, the countryâ€™s ratings will be advanced one more point, and Azerbaijanâ€™s access to international market will be expanded,â€? he said.
He said one of the priorities will be to rein increasing current expenditures of the Budget.
â€œIncrease of current spending leads to inflation. 2007 State Budget blueprints AZN 3.4mln for current spending and AZN 2.17mln for capital spending,â€? he said. /APA/