Prospects for the development of the country's economy, the reasons for the bankruptcy of the International Bank of Azerbaijan and the appeal to the New York Court are the leading topics of today's press.
The Azerbaijan writes that the development of the national economy will be stimulated by new sources. Fiscal and monetary policy should ensure macroeconomic stability. An important factor is the development of human capital and the labor market, as well as the improvement of the business environment.
The Novoye Vremya published an article under the title International Bank Collapsed through Fault of Oligarchs, But We Are to Pay. Within the framework of the recovery of the International Bank of Azerbaijan (IBA), voluntary restructuring of its obligations is announced. As a result of restructuring, the bank's debts to financial institutions will lie on the state.
Until the completion of the restructuring procedure, the foreign currency liabilities to foreign creditors are suspended. The government has already bought from IBA toxic assets at 9.93 billion manats. The bank has also received liquid funds for 1.3 billion dollars and 70 million manats.
The Yeni Musavat also writes about the affairs of IBA and its forthcoming declaration of bankruptcy. The bank took this step to help in the restructuring of its debt of $ 3.3 billion. The expert Natig Jafarli considers this a serious failure of the financial policy of the authorities.
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