Azerbaijan’s Foreign Debt Reached 7.5% out of Country's GDP in the beginning 2007
Azerbaijan, Baku/ Trend , corr. I. Khalilova/ Up until April 1, 2007, Azerbaijan's external borrowings has reached $1.978.400.000, which makes up 7.5 % out of the Country's GDP in the first quarter of 2007, a source in the Finance Ministry has said.
As compared with the beginning of 2007, the amount of external borrowings has increased by 0.3 %. The Country's external debt per person is $230. In the first quarter, the credits were spent at an amount of $22.7 mln. The expenditures on servicing the foreign debt of the Country reached $40.7 mln. At the same time $30.3 mln fell at the major debt, with $10.4 mln falling at the interest rates on these credits. $12.5 mln have been reserved from the State Budget to repay the credits.
The structure of Azerbaijan's foreign debt is as follows: 19.1 % ($378.8 mln) fall at the credits intended for carrying out economic reforms, $118.1 mln of them (6 %) at the expense of IMF and $260.7 mln (13.1 %) at the expense of the World Bank (WB).
Most part of the credits were attracted on financing investment projects - $1.599.600.000 (80.9 %), with 37.9 % ($749.2 mln) out of these funds intended for the energy sector, 7.5 % ($148.8 mln) on agriculture and melioration, 16.2% ($320 mln) on road-building and transport, 1.8 % ($35 mln) on chemical industry, 1.4 % ($26.8 mln.) on oil and gas sector and 8 % ($160 мmln.) on different social spheres.