Finance

Finance

Azerbaijan posts 11% surge in foreign loans

08 December 2009 13:37 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. As of October 1, Azerbaijanâ€™s external government debt, the money made available to the government by creditors outside the country, stood at $3 331.5 million, up 11% from early this year.

The Ministry of Finance said per capita foreign debt for used reached $380.6.

At the same time, the foreign debt to gross domestic product (GDP) ratio rose to 8.7%.

The ministry said the government-secured loans ($66.3 million from IMF and $268.1 million from the World Bank) totaled $334.4million (10% of total foreign debt), loans for investment projects made $2 997.2 million (90% of the foreign loans in total), including 40.6% for electricity generation sector, 3.6% for agriculture, 9.1% for water supply and amelioration, 6% 23.8% 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.

Azerbaijan has already used up $431.7 million of loans during January-September.