Azerbaijan will allocate credit to foreign countries for 100 million manat
The Azerbaijani government intends to allocate from the state budget for 2015 to foreign countries a credit equivalent to the amount of 100 million manat.
According to the Ministry of Finance that promulgated the draft state budget for next year, Azerbaijan will continue its active state policy on lending international projects. What kind of particular project is in question has not been reported.
Earlier Azerbaijan gave Serbia a loan of 300 million Euros to finance the construction of a road section in the central part of the country. It was allocated for 15 years with a grace period of 3 years at 4% per annum. For the construction of the Georgian section of the Baku-Tbilisi-Kars Azerbaijan allocated Georgia two loans totaling $ 775 million. The first loan ($ 200 million) was allocated for a period of 25 years at 1% per annum. The second one ($ 575 million) was at 5% per annum.
It should be noted that the Azerbaijani government has borrowed huge foreign and international credit facilities, the maintenance of which in 2015 will provide 703 million manat of expense. --08B--
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review