Azerbaijan Approved Legal Regulations on Guaranteed and non-Guaranteed Foreign Liabilities of Azerbaijan
Azerbaijan, Baku / Trend corr. I.Khalilova / The Azerbaijani President issued decree ratifying the law on 'State debt, regulating implementation of state loan and to issue state guarantees, relations among persons, participated in state debt management. This document regulates internal and foreign state loans. For the first time the document envisages the task on registration foreign loan without state liabilities. The Azerbaijani Government does not account for liabilities of residents and non-residents of the country, who borrow foreign currency without guarantee. The State Statistic Committee will calculate foreign debt of the Azerbaijani licensed bans and will submit the results to the National Bank.
The President's decree to the Azerbaijani Finance Ministry envisages necessity to develop and approve the draft of laws to open, calculate and management of debt by state guarantee by the Cabinet of Ministers within three months. The Finance Ministry will finance the draft.
The Finance Ministry should also develop the draft of register on state debt and state guarantees.
The Cabinet of Ministers will develop draft of legislation acts defining types of liabilities for violation of law.