Azerbaijan may develop long-term strategy to manage public debt

Business Materials 23 May 2011 19:48 (UTC +04:00)

Azerbaijan, Baku, May 23 / Trend N.Ismayilova /

A medium-and long-term strategy should be prepared in Azerbaijan to manage the public debt, Accounting Chamber Chairman Heydar Asadov said a the discussion of a bill at the parliamentary economic policy committee's meeting on Monday.

"Although, the current level of Azerbaijan's public debt is very far from the critical level, it does not mean that we should continue to increase its level," Asadov said.

He said the World Bank report on Global Development Finance 2011 reviewed Azerbaijan's position on the level of public external debt as satisfactory.

"The budget deficit in 2010 was below the level planned in view of the refusal of placing of Eurobond on the foreign markets, and the fact that the deficit was met through domestic debt is the positive factor," he said.