Georgia, Tbilisi / Trend / The solvency of Azerbaijan has rapidly increased owing to new economic prospects, according to the Vice Minister, and senior credit expert of the country risks department at the Moody`s rating agency, Jonathan Shiffer. The expert released the report at the Second Caucasus Conference and 'Banks and Finances' exhibition held this week in Tbilisi, Georgia says. The exhibition and the conference were organized by the ITE Group plc company.
The report notes that the increase had been caused by the considerable rise in energy export that followed the construction of pipelines, in particular gas and an oil pipelines to Turkey.
The document writes that the development of new fields has lead to a sizeable boost of incomes from oil and gas export, which will continue for another ten to fifteen years.
As to the credit ratings, the country limits on liabilities in foreign currency assessed by Moody`s in September, 2006 was on the level of Baa2, taking into account of incomes of the foreign currency gained at the expense of oil and gas export and the black ink of the payment balance of current operations.
"The economic growth rate in 2006 makes up about 25% the second year in a row and will reach 26.4% in 2007," the record writes. The balance of the current account of the balance of payment will increase 20% this year from the GDP.