Azerbaijan Spills Beans On Volume Of Its Government Debt
Date
11/28/2024 5:12:31 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 28. Azerbaijan's
government debt amounted to 26.2 billion manat ($15.4 billion) as
of October 1 of this year, marking equivalence to 21.6 percent of
the country's projected GDP for 2024.
Data obtained by Trend from the country's Ministry of Finance
shows that this represents a 52.3 percent increase compared to the
same period last year.
The external debt stood at almost $5.3 billion (7.4 percent of
the projected GDP), which is a decrease of 18.9 percent, while the
internal debt was 17.2 billion manat ($10.1 billion, or 14.2
percent), growing by 2.8 times compared to last year.
The ministry highlighted that the sharp rise in internal debt is
linked to the implementation of a targeted borrowing policy within
the framework of the "Medium and Long-Term Public Debt Management
Strategy".
"This includes the development of the government securities
market, the formation of the government debt yield curve, and the
substitution of external debt with domestic debt," the ministry's
statement reads.
As of October 1, the structure of external debt by currency is
as follows: SDR (Special Drawing Rights of the IMF) – 3.7 percent,
US dollars – 86.1 percent, euro – 6.1 percent, Japanese yen – 3.4
percent, and other currencies – 0.7 percent.
Floating interest rate liabilities account for 48.3 percent of
external debt, while fixed rate liabilities make up 51.7
percent.
In terms of repayment terms, external debt is distributed as
follows: 48.5 percent is due within five years, 44.5 percent is due
between five and 10 years, and seven percent is due in more than 10
years.
Azerbaijan's external debt includes loans from international
financial institutions for infrastructure projects and funding
programs, as well as outstanding amounts on government securities
issued on international financial markets.
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