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AZERBAIJAN’S PUBLIC ARREARS TO REACH $1.6BN IN 2005

Business Materials 28 July 2005 17:32 (UTC +04:00)

Azerbaijan’s public arrears will comprise approximately 15% of the GDP late 2005. Azerbaijan will not borrow big funds in 2005, the Cabinet of Ministers told Trend.

“The construction of the gas steam device in Sumgayit (total value -$300m) will be the only project the major funds will be spent on. Around $100m is expected to spend in this respect.

The expenses on the rest projects will be low. Thus, Azerbaijan’s public debt can comprise about $1.6bn - $1.7bn. So, the state debt will be equal to 15% of the GDP,” the Cabinet of Ministers said.

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