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Azerbaijan's foreign debt hits 8.6 pct of GDP

18 February 2015 16:56 (UTC+04:00)
Azerbaijan's foreign debt hits 8.6 pct of GDP

The volume of the external public debt of Azerbaijan made up 5.082 billion manats as of January 1, 2015, which is 8.6 percent of GDP.

The Azerbaijani Finance Ministry reported that the country's external liabilities increased by 6.9 percent in 2014.

Around 7.3 percent-debt of the external borrowings was calculated for up to 10 years, 60.2 percent - from 10 to 20 years, 32.5 percent - more than 20 years.

As of January 1, the currency structure of loans is as follows: 9.9 percent of the funds were drawn in the SDR (IMF Special Drawing Rights), 64.8 percent - US dollars, 21.4 percent - euros, 2.1 percent - Japanese yen, 0.7 percent - Islamic dinar, 0.4 percent - Saudi Riyal, 0.5 percent – UAE dirham, 0.2 percent - Kuwaiti dinar.

"The funds, mainly drawn from the World Bank, the Japan International Cooperation Agency, the Asian Development Bank, Islamic Development Bank, the European Bank for Reconstruction and Development and other international financial institutions, were directed to support the economic reform programs, restoration and reconstruction of infrastructure, including construction of roads, improvement of water supply system in the districts, the development of railway services, as well as industry and other areas,” the statement says

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