Foreign debts of Azerbaijan hit 8 percent of GDP

Business Materials 24 May 2010 13:53 (UTC +04:00)

Azerbaijan, Baku, May 24 / Trend N.Ismayilova /

As of Apr.1, 2010, foreign debts of Azerbaijan reached $3440 million which makes up 8 percent of GDP, the Finance Ministry reported. The country's foreign debts increased by 17.9 percent compared to the same period of 2009.

Foreign debts hit $381.3 per capita

Loans worth $154.3 million were used in the first quarter of 2010. The cost of servicing external debt amounted to $39.3 million. The share of the main debt hit $31 million, and interests - $8.3 million. Some $20.9 million were allocated on repayment of loans through budgetary funds.

Of foreign debt, 9.12 percent ($313.91 million) fell on loans aimed at economic reform, with $57.54 million (1.67 percent) borrowed from the IMF, $256.37 million (7.45 percent) from WB.

Most of the loans worth $3126.38 million (90.88 percent) was attracted to finance investment projects. Some 39.69 percent ($1365.44 million) of these funds is directed towards energy sector, 3.65 percent ($125.56 million) in agriculture, 26.54 percent ($913.1 million) to the road construction and transport, 8.95 percent ($307.98 million) reclamation and water supply, 5.78 percent ($198.93 million) to the chemical and oil and gas sector, 4.37 percent ($150.27 million) social sphere and 1.89 percent ($665.11 million) other areas.

The official exchange rate is 0.8035 manat to $1 May 24.

Do you have any feedback? Contact our journalist at: [email protected]