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Azerbaijan to prepare debt management strategies in 2017

Business Materials 29 December 2016 18:24
The Cabinet of Ministers of Azerbaijan will prepare a draft of medium- and long-term strategies of public debt management in 2017
Azerbaijan to prepare debt management strategies in 2017

Baku, Azerbaijan, Dec. 29

By Anvar Mammadov – Trend:

The Cabinet of Ministers of Azerbaijan will prepare a draft of medium- and long-term strategies of public debt management in 2017. This is stipulated by the decree of President of Azerbaijan Ilham Aliyev on the approval of the draft state budget for 2017.

According to the decree, the Cabinet of Ministers is entrusted with preparing of the draft and submitting it to the president within six months.

As of October 1, 2016, Azerbaijan’s external debt amounted to $7,650.7 million (12,402.6 million manats), which is 20.1 percent of the country’s GDP.

The main part of the funds borrowed for implementation of various projects is attracted from the World Bank, the Asian Development Bank, the Islamic Development Bank, the European Bank for Reconstruction and Development, the Japanese International Cooperation Agency and other international financial institutions.

About 17.7 percent of the debt is formed due to the placement of securities in international financial markets.

According to the Azerbaijani state budget for 2017, 1,641.8 million manats will be spent on the repayment of the public debt, which is 133.3 million (7.5 percent) less than in 2016.

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