Azerbaijan’s Foreign Debt Increases

Azerbaijan’s foreign debt is about $ 4 billion and almost $200 million was paid on foreign loans only in the first quarter of 2011. The total foreign debt including private sector’s debt in Azerbaijan is more than $ 10 billion according to the Center for Economic and Social Development (CESD) estimations.

Meanwhile, The Central Bank of Azerbaijan confirms that as of 1 April 2011 Azerbaijani borrowers repaid $ 199.9 million on previously-raised loans.  The Central Bank of Azerbaijan, running payment balance statistics, has reported that in the first quarter of 2011 raising of external loans (excluding other kinds of investments) in country’s economy exceeded repayment of earlier-received loans by 4.4 times against 1.5 fold repayment in 2010. The CBA reports that as of 1 April 2011 Azerbaijani borrowers repaid $ 199.9 million on previously-raised loans. At that, 58.2% of payments ($116.4 million) fell on the share of banks, 18.2% ($36.4 million) on loans raised by the government and under state guarantees, 2.3% ($4.6 million) on oil and gas sector, 21.3% ($42.5million) on other companies and businesses.

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