Azerbaijan, Baku / corr Trend I.Khalilova / The Azerbaijani 2008 Public Budget for the first time offered to establish an Insurance Fund of International Loans taken under the state guarantee, Samir Sharifov, the Azerbaijani Finance Minister, said during the discussions over the 2008 public budget at the Parliament 13 November.
So far, these funds were used to be placed on individual accounts in the public budget and written off by the end of the year. The establishment of the fund will enable to use the capital on necessary targets and present to management, Sharifov said.
According to Sharifov, this innovation will be applied in connection with the new law on state loan in 2007, which commits the Finance Ministry in registering and managing the foreign loans under the state guarantee.
As of 1 October, the total amount of loans allocated to Azerbaijan comprised $2.272.1mln, or 8.35% of the GDP.