Azerbaijan uses 83% of loans borrowed from international financial organizations

Azerbaijan uses 83% of loans borrowed from international financial organizations
# 05 March 2018 13:46 (UTC +04:00)

As of January 1, 2018 Azerbaijan signed 194 loan agreements with international development banks, funds and financial organizations for funding of 160 projects and programmes. Of these, 113 projects and 7 programmes have been completed, 40 projects are being implemented, APA-Economics reports quoting the 2017 annual report of the Cabinet of Ministers.

According to the report, total amount on these agreements made up $13.919 billion, of which $11,518,700,000 or 82.6%, including $2,908,900,000 in 2017 has been used. As of January 1, 2018, $2,676,900,000 has been repaid. Rest of external debt with the state guarantee amounted to $9,398,300,000.

‘$5,510,400,000 or 58.6% of external public debt is loans directly borrowed by the state, $3,331,400,000 or 35.5% - foreign currency nominated government securities, $556.5 million or 5.9% - conditional liabilities, which are considered as the external public debt. In 2017, $855.9 million was repaid from the state budget on the external public debt. Of these, $668.7 million was principal debt, $187.2 million – payments on loan interests’, the report said.

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