Azerbaijan, Baku, July 24 / Trend N. Ismayilova /
Azerbaijan will use great potentialities appearing in middle-term prospect. It will support current level of its sovereign loan rating, international rating agency Standard&Poor's analytic review How Azerbaijan reacts on world financial crisis.
"Azerbaijan is likely to continue accelerating its assets and use part of oil profit to finance the most important infrastructure projects in middle-term prospect," review said.
The agency supposes that direct foreign investments will continue to be drawn due to good relations with foreign investors. Direct foreign investments hit $3.4 billion in 2008 but $1 billion in the first six month of 2009. Roughly $10 billion are expected to be invested in the project to expand production at giant oil field Azeri-Chirag-Guneshli. direct foreign investments to the amount of $20 billion are likely to be received to finance the second stage of development of gas condensate field Shah Deniz.
Analysts of the agency said that indices of foreign liquidity must be improved too.
We think that level of direct foreign investments and loans directed to oil and other rough branches of industry will remain normal despite crisis in world economy. From our side, direct foreign investments support foreign liquidity of Azerbaijan and impact favorable on middle-term prospects of development of export and Azerbaijani economy amid all problems that can occur in non-oil sector," report said.
The agency said Azerbaijani reaction on world financial crisis is fully adequate. It refers to measures in monetary policy and financial system.
"Proceeding from current information, one can tell about lack of threat that Azerbaijani sovereign loan rating will reduce in the nearest future as increase of oil production and prices for oil, as well as high positive balance of Azerbaijani state sector," report said.
The agency regards measures taken by Azerbaijani authorities and charged with monetary policy as significant and effective.
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