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IMF offers softer terms to Azerbaijan for loan repayment

10 March 2009 13:11 (UTC +04:00)

The IMF Office in Baku said the deadline for Azerbaijanâ€™s repaying installments on loans borrowed in 1995-2006 was extended to 2013 from 2012, reducing the amount of each installment the country would make.
According to the new timetable, out of $67.48 million (46.25 million SDR) outstanding debt and interest charges, Azerbaijan will have to repay $15.01 million in 2009 instead of $17.9 million. Besides, the country will pay back $14.34 million in 2010, $16.1 million in 2011, $12.6 million in 2012 and $9.4 million in 2013 instead of $14.4 million, $16.1 million and 12.6 million in 2010, 2011 and 2012 respectively.
In the final quarter of 2008, Azerbaijan repaid $14.42 million to the IMF.
On behalf of the Government of Azerbaijan, the National Bank of Azerbaijan is in charge of repaying the debt owed to the IMF.
Joined the IMF in September 1992, Azerbaijanâ€™s quota with the IMF is $234.8 million (160.9 million SDR).
SDR or Special Drawing Rights is a special type of IMF currency, the value of which is based on a basket of international currencies.