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GEORGIA FINANCE MINISTER EXPECTED FOR FINAL RE-STRUCTURING NAT’L DEBTS

Business Materials 28 June 2005 13:24 (UTC +04:00)

The Georgian Finance Minister, Valeriy Chechelashvili, is expected to pay a repeated visit to Azerbaijan for final resolution of Georgia’s national debts to Azerbaijan. The Azerbaijani government said that an agreement on restructuring is still to be signed and the visit might target discussing the date of signing of
the document.

During the last visit Azerbaijan has notified Georgia on the adoption of recommendations of the Paris Club on changes to the date of commencement of the repayment of Georgia’s areas to July 2005. Azerbaijan agreed upon adjourning the repayment of major debts ($12.95m of over $16m) from March 2003 to July 2005. The repayment will be implemented in equal tranches and should be cleared off by 2010. The alternation of the scheme will touch upon the consolidated remainder and it will be cleared off from July 2005 to 2021. Upon signing of a new agreement Georgia will start repayment of current interests on debts. However, the final parameters and terms of debt restructuring will be confirmed by the agreement.

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