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Azerbaijan says already used 43% of borrowed foreign loans

03 September 2009 10:16 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of July 1, Azerbaijanâ€™s external government debt, the money made available to the government by creditors outside the country, stood at $3 071.8 million, up 2.4% early this year.

The Ministry of Finance said per capita foreign debt for used reached $250.9 at the end of the first half.
At the same time, the foreign debt to gross domestic product (GDP) ratio rose to 9.1%.

The ministry said the government-secured loans for economic reforms ($69.9 million from IMF and $263.7 million from the World Bank) totaled $333.6 million, loans for investment projects made $2 738.1 million (89.1% of the foreign loans in total), including 39.1% for electricity generation sector, 3.7% for rural development and amelioration, 23% for roads and infrastructure etc.

The countryâ€™s foreign debt grew by 22.9% during 2008 to $3 001.1 million as at January 1, 2009.

The total amount of money Azerbaijan has to date entered into loan agreements to borrow (including those which has not be made available to the government of Azerbaijan) is $7 179.4 million, with debt-GDP ratio at 21.3% and per capita debt at $820.2. As seen, Azerbaijan has received and used only 42.8% of the expected government-secured foreign debt.