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PFMC’s Head Attends International Odious Debt Conference in Switzerland

Business Materials 9 October 2007 18:18
PFMC’s Head Attends International Odious Debt Conference in   Switzerland

Azerbaijan, Baku /corr. Trend U.Ismaylova / The international conference on odious debt problems concluded in Switzerland. The Head of the Azerbaijani-based Public Finance Monitoring Center (PFMC), Ingilab Ahmadov, who attended the conference, said on 9 October that the meeting participants demonstrated a great interest in the oil producing countries of the former USSR. The conference where Ingilab Ahmadov spoke of Azerbaijan's debt situation mainly focused on the odious debt of the African countries, Indonesia and Argentina.

Odious debt usually appears after the replacement of the political regime in various countries. If the borrowed finances are not spent on the welfare of the society, but have been appropriated by the totalitarian regime for personal goals, the borrowing countries have the right not to repay these credits, stated the conference participants and international experts.

The conference was organized by the Swiss International Financial System Monitoring Network.

In addition, the conference was attended by the finance experts from Great Britain, Germany and France.

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