Turkish Finance Minister to Visit Azerbaijan

Business Materials 12 June 2008 18:27 (UTC +04:00)

Azerbaijan, Baku, 12 June / corr. Trend I.Khalilova, M.Aliyev / Kamal Unakitan, the Turkish Finance Minister, is expected to visit Baku on 20 June, the Turkish Embassy in Azerbaijan said 12 June.

During the meeting with his Azerbaijani counterpart the Turkish minister will discuss the prospects of future cooperation between the ministries of two countries. Furthermore, Azerbaijan and Turkey have a problem of liabilities still pending for its solution. Azerbaijan's debts to the Turkish Eximbank appeared in 1994.

A $20mln debt consisted of several parts formed as a result of grains purchase for the Nakhchivan Autonomous Republic (NAR) in blockade, through Eximbank loan. Turkey is prepared to restructure the debt, but its repayment terms should be discussed.

The Azerbaijani Government began repayment of part of the debt in 2006. Azerbaijan used $74mln of the total $250mln loan of Eximbank. On the basis of existing protocol, the loan was restructured and $74mln is to be repaid completely by 2010. Moreover, Azerbaijan will not pay off interests for sum of $48mln, whilst it will have to pay 2% interests a year for $26mln of the lump loan. The Finance Ministry began repayment of interests in 2005. Eximbank's debt was spent on different spheres, including purchase of grain and medicine.

The Embassy also said that during the visit the Turkish Minister will meet with Turkish businessmen working in Azerbaijan.

On 12 June the exchange rate of US dollar was AZN 0.8184.

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