Finance

Finance

Azerbaijan indebted IMF 29 mln dollars

16 March 2012 09:16 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Azerbaijan has fully repaid 58% of loans attracted from the International Monetary Fund (IMF). According to APA, it has been reflected in the report of the Government of Azerbaijan on 2011.

The document notes that, prior to 2005 cooperation with the IMF was carried out on the basis of six different programs, signed in order to support economic reforms: â€œThe amount of loans borrowed from the IMF for this purpose amounted to 577.3 million dollars. Of these, $334.6 million or 57.9% fully utilized to 4 programs and redeemed. Repayment is currently underway on two loans of $ 242.7 million. It was signed in 1996 for extension of the credit for the financial mechanism of the structural reforms (ESAF) in the amount of $ 130 million and 112.7 million dollars-loan program for poverty reduction and development (PRGF), signed in 2011â€.

The deadline for repayment of loans - June 30, 2015. The balance of the actual debt on two loans as of January 1, made 28.8 million dollars.

It should be noted that, Azerbaijan is a member of the IMF since August 1992.