Where is the Ministry of Finance looking at?

The former management of the "Azerbaijan International Bank" made serious mistakes in the work, in particular, granting large loans without collateral, stated the Minister of Finance Samir Sharifov, speaking on Friday at a joint meeting of five parliamentary committees. The MP Zahid Oruj asked the minister why the international bank gave large loans without collateral, although ordinary citizens are always asked for collateral which is by three times larger than the amount of the loan?

Sharifov said in response that the former leadership of the International Bank made a serious mistakes. "For this reason, the former leadership was removed from his post. Currently, law enforcement authorities are investigating some of the actions of the management and will give them a legal assessment. Yes, the former management of the bank signed risky projects without collateral. International Bank did not follow the requirements set by the Central Bank," the minister said.

In turn, the expert Samir Aliyev considers that the responsibility for violations in the IBA bears and the Ministry of Finance. More than half of the shares belong to the state of IBA in the face of the Ministry of Finance. The agency is represented in the Supervisory Board of IBA, supervising the activities of the bank. Chairman of the Supervisory Board of IBA is the Deputy Minister of Finance Azer Bayramov.

Speaking in parliament, Sharifov also acknowledged that some government agencies are unable to provide the external debt, issued under the state guarantees. For this reason, the state has to pay the debts of the state budget. Basically, these debts have natural monopolists- "Azersu" , Azerenergy and others.

Expert Aliyev believes that natural monopolies do not pay the debts due to inefficient management. Therefore, it would be correct to privatize these entities providing public services. -06D—