Azerbaijan’s foreign debt up 14%
Azerbaijan’s foreign debt made up over $3.421
billion as of January 1, 2010, or 14% above the figure reported a
year ago, the government estimates.
Per capita foreign debt on the borrowed loans constituted $380. The state debt-Gross Domestic Product (GDP) ratio was 7.95%, according to the Finance Ministry.
Most of the loans allocated to the country’s government agencies aimed to finance investment projects. Thus, the amount of such credits exceeded $3.094bn, or over 90% of the overall foreign debt.
39.74% of the funds were directed to the energy sector, while 25.38% to road construction and transport, 9.05% water supply and land improvement, 6.06% oil, gas and chemicals industries, 4.5% social services, 3.65% agriculture, and 2.07% of the loans were channeled into other fields.
The amount of external borrowing directed to the implementation of economic reforms made up almost $327 million, or 9.55% of the total foreign debt. Nearly $265m of the amount was allotted by the World Bank, while the remaining $62m was provided by the International Monetary Fund.
The total amount of the spent borrowed funds amounted to $646.8m in the past year. Also, the amount spent in 2009 to repay foreign debt made up $287.7m, including accrued interest worth $67.5m.*
Per capita foreign debt on the borrowed loans constituted $380. The state debt-Gross Domestic Product (GDP) ratio was 7.95%, according to the Finance Ministry.
Most of the loans allocated to the country’s government agencies aimed to finance investment projects. Thus, the amount of such credits exceeded $3.094bn, or over 90% of the overall foreign debt.
39.74% of the funds were directed to the energy sector, while 25.38% to road construction and transport, 9.05% water supply and land improvement, 6.06% oil, gas and chemicals industries, 4.5% social services, 3.65% agriculture, and 2.07% of the loans were channeled into other fields.
The amount of external borrowing directed to the implementation of economic reforms made up almost $327 million, or 9.55% of the total foreign debt. Nearly $265m of the amount was allotted by the World Bank, while the remaining $62m was provided by the International Monetary Fund.
The total amount of the spent borrowed funds amounted to $646.8m in the past year. Also, the amount spent in 2009 to repay foreign debt made up $287.7m, including accrued interest worth $67.5m.*
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