Azerbaijan’s foreign debt up 9 pct
BAKU – Azerbaijan’s foreign debt made up around $3.736 billion as of October 1, 2010, a 9.2 percent increase over the figure reported in January, according to the Finance Ministry.
As of October 1, per capita foreign debt on borrowed loans was $415, or 10 pct over January.
Most of the lent funds - $3.426bn, or 91.7 pct of the total amount of the arrears – were directed to the implementation of investment projects.
About 38.3 pct of the funds were channeled into the electric power sector, while 29.3 pct to road construction and transport, 8.7 pct water supply and land improvement, and 5.6 pct of the amount was spent on projects in oil, gas and chemicals industries and other fields.
The amount of external borrowing directed to economic reforms constituted $310 million, or 8.3 pct of the total foreign debt. $259.8m of the amount was allotted by the World Bank, while the remaining $50.2m was provided by the International Monetary Fund.
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