Azerbaijan, Baku, Feb. 27 / Trend A.Akhundov /
The process of repayment of loans borrowed earlier by Azerbaijan from the International Monetary Fund (IMF) is expected to complete by 2016, the Fund said on Monday.
Earlier it was planned to complete repayment in 2013.
The debt stands at 17.55 million SDR, of which 7.24 million SDR will be paid in 2012, 6.44 million SDR - in 2013, 2.58 million SDR - in 2014, 1.29 million SDR - in 2015.
Only 0.01 million SDR will fall to the interest payments. They must be implemented in 2014, the rest of the sum falls to the payment of principal debt.
According to information, in 2012 Azerbaijan has already paid 1.287 million SDR.
Azerbaijani Minister of Finance Samir Sharifov said earlier the Ministry sees no need for premature repayment of IMF loans.
He said the Central Bank of Azerbaijan repays these loans on schedule.
"The Central Bank manages these credit resources and due to the fact that a small debt left, we see no need for their premature return," the Minister said.
Mr Sharifov said in the future Azerbaijan does not intend to appeal to the IMF for credit support.
Azerbaijan joined the IMF on September 18, 1992, and the quota of the republic in the fund amounts to 160.9 million SDR. Until now, the IMF has allocated loans to Azerbaijan within six programs, but since 2005, co-operation with the IMF continues at the level of consultation, as the government of Azerbaijan refused to receive the Fund's credits.
The official exchange rate is $ 1.47638 to 1 SDR on Feb. 27.