Azerbaijan directs 8 million manat to meet foreign loan obligations

Business Materials 13 May 2010 11:32 (UTC +04:00)

Azerbaijan, Baku, May 13 / Trend N.Ismayilova /

The Azerbaijani state budget allocated 9.7 million manat to manage domestic and foreign public debt and meet foreign loan obligations at an international and national level in the first quarter of 2010, the Finance Ministry reported.

The fund allocated 8.2 million manat - 4.2 million manat to Azerkimya and 4 million manat AZAL - to timely cover foreign loan commitments under state guarantee.

The Azerbaijani Guarantee Fund built 100 million manat in 2010 compared to 50 million manat in 2009 to provide guarantees for foreign loans.

Azerbaijan's foreign loans reached $3.4218 million or 7.95 percent of the GDP as of Jan. 1. Foregin debt per head of the population is $380.3.

Loans worth 646.8 million were utilized in 2009. The cost of servicing foreign debt was 287.7 million. The share of principal loan was $220.3 million. The budget directed $107.7 million for loan repayment.