Azerbaijan, Baku, Sept.30 / Trend, A.Akhundov /
The seven-percent ratio of Azerbaijan's external debt to its GDP is not a level causing concern, Deputy Finance Minister Azer Bayramov told Trend on Friday.
"Surely, you see the numbers in European countries, other developed countries, thus, seven percent of GDP is not the level that causes concern," Bayramov said.
Gross external debt of the EU countries for 2011 now hits 76.83 per cent of GDP.
Bayramov said the ministry continues to work on a long-term strategy for external borrowings management.
As of July 1, 2011, Azerbaijan's external debt reached $4.512.6 billion, which hits 8.1 percent of GDP. By Sept.1, the share dropped to seven percent.