In 2008 Azerbaijan’s Foreign Debt Goes Up

Business Materials 7 August 2008 15:55 (UTC +04:00)

Azerbaijan, Baku, 7 August / Trend corr. I.Khalilova / As for 1 July 2008, Azerbaijan's foreign borrowings reached $2.590mln, which made up 6.4% of GDP, the Finance Ministry said. The foreign borrowing volume has increased by 6.1% compared to early 2008.

The foreign debt per head is $300.1. Some $137.9mln was utilized in the first half of the year. The expenditure to pay foreign debt is $163.4mln. Some $77mln was allocated from the budget to pay loans.

Totally 14.5% ($376.6mln) of the foreign debts falls on the loans directed to economic reforms with $95.4mln (3.7%) - borrowings from the International Monitory Fund and $281.2mln (10.8%) - World Bank. The most part of loans are attracted to finance investment projects - $2213.4mln (85.5%). Some 35.4% ($916mln) of the funds is directed to the energy sector, 8.2% ($211.8mln) - agriculture and land-reclamation, 20.4% ($528.5mln) - construction of roads and transport, 1.5% ($38.8mln) - chemistry industry, 6.3% ($162mln) - oil sector, 7.7% ($198.2mln) - social spheres and others.

On 7 August, the official currency rate is 0,8097 AZN/USD.

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