Azerbaijan intends to keep ratio of external debt to GDP at no more than 10 percent level
Azerbaijan, Baku, Nov 6 /Trend A.Akhundov/
Retention of external debt to GDP ratio at no more than 10 percent level is a task for the government of Azerbaijan, Deputy Finance Minister Azer Bayramov said during a speech at an international seminar on Policy Public Sector Accounting in the frame of Pem PAL program.
He noted that the policy is welcomed by the international rating agencies, which is reflected in their assessments, as well as positively affect on the investment environment in the country.
"Today Azerbaijan's economy is reducing dependence on foreign investments," Bayramov said.
Public external debt of Azerbaijan increased by 24.9 percent in 2011. According to the government's report on the results of last year, the foreign debt of the country reached $4.817 billion (7.6 percent of GDP) on January 1, 2012, while the figure was $3.857 billion on January 1, 2011.
The increase of this figure by a quarter is connected with the expansion of cooperation between Azerbaijan and various international financial organizations and donor countries, as a result loan agreements worth about $1.67 billion were signed in 2011, to finance important projects for economy.