Azerbaijan’s Foreign Debts Comprise 7.7% of GDP

Azerbaijan, Baku / corr Trend I.Khalilova / As of 1 July 2007 Azerbaijan's external borrowings has reached $2.089mln, or 7.7% of the Gross Domestic Product (GDP), the Azerbaijani Finance Ministry announced.

As compared with the beginning of 2007, the amount of external borrowings has increased by 5.9%.

The Country's per capita external debt is $242.9. In the first half year of 2007, the credits were spent at an amount of $164.6mln. The expenditures on servicing the foreign debt of the Country reached $73.6 mln. At the same time $47.9mln fell at the major debt, with $25.6mln falling at the interest rates on these credits. $22.8mln has been reserved from the State Budget to repay the credits.

The structure of Azerbaijan's foreign debt is as follows: 17.9 % ($374.4mln) fall at the credits intended for carrying out economic reforms, $113.5mln of them (5.4%) at the expense of IMF and $260.9mln (12.5%) at the expense of the World Bank (WB).

Most part of the credits were attracted on financing investment projects - $1.714.7mln (82.1 %), with 35.1% ($732.9mln) out of these funds intended for the energy sector, 7.4% ($155.3mln) on agriculture and melioration, 15.8% ($329.2mln) on road-building and transport, 1.6% ($33.4mln) on chemical industry, 6.7 % ($139.4 mln.) on oil and gas sector and 8% ($166.7mln.) on different social spheres.

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