Azerbaijan’s external debt reaches $7B

Business Materials 30 June 2017 15:34 (UTC +04:00)

Baku, Azerbaijan, June 30

By Anvar Mammadov – Trend:

As of April 1, 2017, Azerbaijan’s external debt reached $7 billion, or 18.1 percent of the country’s GDP, a source in the Azerbaijani government told Trend.

The volume of Azerbaijan’s external debt per capita in the reporting period amounted to $713.5, according to the source.

The statistics on borrowings include direct liabilities of the Azerbaijani government and contingent liabilities for loans attracted under a state guarantee.

Azerbaijan’s external debt consists mainly of funds raised within credit programs and on infrastructure projects from international financial institutions, as well as from securities placed on international financial markets.

As of April 1, 2017, some 7.5 percent of foreign loans were raised under Special Drawing Rights (SDR), 76.7 percent were raised in US dollars, 11.8 percent – in euros, 2.4 percent – in Japanese yen and 1.6 percent in other currencies.

About 68 percent of Azerbaijan’s foreign loans have a floating interest rate, and slightly over 32 percent of the country’s foreign loans have a fixed interest rate.

Some 57.3 percent of Azerbaijan’s foreign loans have a maturity of up to 10 years, 38.8 percent - from 10 to 20 years and 3.9 percent - over 20 years.