Public External Debt Increased by 6.4%

On 1 January 2016 the amount of public external debt of Azerbaijan reached $ 6 billion 894.3 million. Over the past year the external debt of the country increased by $ 416.1 million, or 6.4%, according to the Ministry of Finance.

According to the source, in 2015 the public debt service was sent more than 700 million manats from the state budget.

According to the agency, more than half of the external debt (58.6%) is refundable within 10 years. It is noteworthy that a year ago, the Ministry of Finance reassured the public that only 7.3% of the $ 6 billion 478.2 million of external debt will be repaid in 10 years.

According to the terms of borrowing, one third of the external debt is to be returned to creditors from 10 to 20 years. In January last year, the Finance Ministry reported that during this period the state must repay 60.2% of the foreign debt and 32.5% still after 20 years.

Note that the external debt of Azerbaijan in manat equivalent for 2015 doubled and reached 10 billion 751 million manats. This is a result of devaluation of the national currency.

The ratio of public external debt to GDP increased from 8.6 to 19.8% for the year.

According to rough estimates of Turan external debt per inhabitant of Azerbaijan accounts for $ 710.