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It is not wise to untimely return foreign debts State Counselor for economic affairs

Business Materials 12 June 2006 18:35 (UTC +04:00)

Presidents State Counselor for economic affairs Vahid Ahundov does not consider wise to untimely return foreign debts of Azerbaijan as they mainly consist of IMF and WBs credits, Trend reports.

В"As against Russia that borrowed these credits at commercial rates, Azerbaijan received them at preferential rates of around 0.75 to 1% annual. Today we may deposit credit resources and get more revenues in financial markets. Yes, we can artificially reduce foreign debt and even repay it in full, but this is not wiseВ", - Ahundov said.

As of April 1, total foreign debt of Azerbaijan amounted $1.741bn and strategic currency reserves $2 616mln.

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