External debt increase not to affect Azerbaijan’s ratings: minister
Baku, Azerbaijan, June 30
By Anvar Mammadov – Trend:
The increase in Azerbaijan’s external debt due to the restructuring of foreign liabilities of the International Bank of Azerbaijan (IBA) won’t affect the country’s international ratings, Azerbaijani Finance Minister Samir Sharifov said.
He made the remarks June 30 at a plenary session of the Azerbaijani Parliament.
“Due to the restructuring of foreign liabilities of the IBA, the Azerbaijani government plans to issue bonds worth about $2.4 billion,” the minister said. “This will increase Azerbaijan’s external debt, but won’t negatively affect the country’s international ratings.”
Voting on the plan of voluntary restructuring of the IBA’s foreign liabilities started on June 19 and will end July 18. The IBA had previously commenced a process of voluntary debt restructuring as part of its rehabilitation. The bank’s total debt to foreign creditors is $3.3 billion.
The International Bank of Azerbaijan has been operating since 1992 and is one of the country’s two state-owned banks.