Finance Ministry to complete subscription for shares of BSBTD till annual meeting of bank in Baku
The Azerbaijani Finance Ministry plans to fulfill liabilities before the Black Sea Bank of Trade and Development (BSBTD) till the 8th annual meeting of the board of governors of the bank, which will be held in Baku on 11 June 2006. 722,000 SDR was set in the public budget to pay the share of BSBTD, the Ministry told Trend. Azerbaijan has paid 5,280 m SDR to the bank so far.
In accordance with the conditions of BSBTD, in early year member-countries formalize sum as bill, which is paid during the year. Nevertheless, Azerbaijan was due to fulfill all liabilities before the bank till late spring 2005. Thus, subscription for 2% shares will complete in 2006. As to acquisition of additional package, the government has not made a decision in this regard.
The share of Azerbaijan in the bank comprises 6m SDR. 2m SDR of which was to be paid just after ratification of the agreement on Azerbaijans joining BSBTD. Coverage of debts delayed due to the financial difficulties of Azerbaijan at than time (2000).