AzerbaijanвЂ™s debts to ILO restructured
The Azerbaijani Minister of Finances continues work over defining a schedule of repayment of overdue debts in membership fees for the international organizations. The Finances Ministry told Trend a next agreement was achieved with the International Labor Organization (ILO). In compliance with the schedule, the term of repayment of arrears to the ILO has been prolonged for 20 years and they are to be cleared off through 2025.
Debts to the ILO have accumulated for many years starting in 1992. The problem with the execution of the public budget expenses were linked with the deficit of the budget and then the key task was to finance the urgent liabilities. Increase in the budget incomes enables not only to ensure the timely payment of current liabilities, but also settle the overdue debts. Azerbaijan started clearing off the debts 2-3 years also. In case with the ILO the government initially repaid the overdue debts in the amount of 35,000 Swiss francs a year, but now they grew to 250,000. Annual membership fees to the organization comprise some 18,000 Swiss francs.