Azerbaijan, Baku, Nov 13 /Trend A.Akhundov/
In 2013, Azerbaijan for the first time in its history will send more funds to pay the external debt than it will attract loans, chairman of the Accounting Chamber of Azerbaijan Heydar Asadov said during the discussing of draft state budget for 2013 and the next three years on Tuesday.
"In 60 percent of the world countries volume of foreign loans exceed half of GDP and the external debt of Azerbaijan is at a very low level," Asadov said.
Despite this, the limit on external borrowing decreased by 1.3 billion manat, or by 62.5 percent to 750 million manat in 2013 compared to 2012.
"If take into account that 750 million manat - the maximum level of external borrowing, and experience shows that 50-70 of the maximum limit is used, we expect a low volume of loans in the next year. And when you consider that 780 million manat is provided to serve the country's state debt then Azerbaijan for the first time in its history will send more funds to pay the external debt than it will attract loans. So, the external debt of Azerbaijan will continue to decrease next year," Asadov said.
Official exchange rate on Nov 13 0.7850 AZN/USD