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MInister of Finance Samir Sharifov: We have to delay emission of euro bonds - INTERVIEW

MInister of Finance Samir Sharifov: We have to delay emission of euro bonds - <font color=red>INTERVIEW</font>

18 May 2010 09:04 (UTC +04:00)

- Mr. Minister, how do you appraise the influence of global economic crisis to Azerbaijan?

- Itâ€™s not mystery for anybody that, the global crisis created some problems in world economy. But we passed the crisis successfully even we saw the growth in gross Domestic Product.

- What priorities are in the formation of expenditures of state budget?

- The priority of expenditures is social sphere. Besides, the increase of salaries and base of pension is planned for 2010, according to President Ilham Aliyevâ€™s notes.

- Which principles the Ministry of Finance or government are guided by, in the determining of expenditures of state budget on the plan of investment?

Of course, Azerbaijan ensures the realization of investment programs. This program covers the construction of infrastructure, melioration and water plants, roads, highways, metro stations, improvement of energy supply and electric conductivity, restoration and construction of electric lines and etc.

Besides, the social spheres will be financed in 2010. The construction of new schools, hospitals, polyclinics and houses for invalids is planned. One of the main directions is to invest in agriculture.

- How much is the volume of state dept of Azerbaijan, today?

- The official dept is not more $7 mln, but used dept is nearly $ 3 bln.

- Do you need to incur a debt in the international markets with the way of emission of valuable papers?

- We discuss this problem, presently. The interest rates are low. The credut rating of Azerbaijan was changed from stable to positive. The debt problems pf several countries have impacts on investors. We have to delay the emission of euro bonds till this situation will be changed.

- The oil price is over $45 per barrel during the 4 months of 2010. Do you plan to discuss the base price of oil and expenditures of state budget, if the price remains unchanged?

- We forecasted the deficit in state budget and we plan to finance by foreign and internal borrowing. We will direct the revenues from profit tax in fuel-energy sphere.

- How much is the incomes from oil and non-oil sectors in the state budget?

- The share of oil and non-oil sector incomes in state budget is not stable. If the oil price rises, the incomes increase too.

- Youâ€™re requested to answer the question of which majority of the citizens is concerned about. What measures are being taken towards returning of deposits in Soviet Banks?

- I can say that, the parliament didnâ€™t approve the bill about this.