Azerbaijan’s foreign debt edges up
Azerbaijan’s foreign debt edges up
Baku, AssA-Irada, May 24, 2010
Azerbaijan’s foreign debt made up over $3.440 billion as of April
1, 2010, or 0.5% over January. The per capita debt was around $381,
according to the Finance Ministry.
The ratio of foreign debt to the Gross Domestic Product (GDP)
equaled 8%.
Most of the loans borrowed by government agencies and state-run
institutions – $3.126bn, or 90.8% of the total amount of the
arrears - were directed to the implementation of investment
projects.
About 39.7% of the funds were directed to the electric power
sector, while 26.5% to road construction and transport, 3.6%
agriculture, 8.9% water supply and land improvement, and 5.8% oil,
gas and chemicals industries.
The amount of external borrowing directed to economic reforms
constituted almost $314 million.
Nearly $256.3m of the loans was allotted by the World Bank, while
the remaining $57.5m was provided by the International Monetary
Fund.*
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