Foreign debt in Azerbaijan: realities and perspectives

Foreign debt in Azerbaijan: realities and perspectives

According to the Ministry of Finance of Azerbaijan Republic, the external public debt of the country constituted $ 7,651 billion US (12,402 billion manat) in October 2016. The ministry has reported that the debt to the Gross Domestic Product (GDP) ratio stands at 20.1 percent. The external public debt consists of direct obligations of the state as well as contingent liabilities emanating from sovereign guarantees.

The CESD calculations show that the foreign debt of Azerbaijan is higher than the figure has reported by the Ministry of Finance of Azerbaijan. Based on the anonymous survey among CESD’s contacts in the government show that Azerbaijani real foreign debt is double digit billions dollar. That also means that the foreign debt’s share in the GDP in reality is higher than the official figure.

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