Georgia`s Parliament has commenced procedures on ratification of the agreement on restructuring of the Georgian state debt to Azerbaijan.
Today, on September 20, Georgia`s Parliament`s Department for Financial and Budget Issues has approved the project on ratification of the agreement put forward by Georgian Deputy Finance Minister Georgy Godabrelidze.
The Georgian debt to Azerbaijan was restructured in accordance with the decision taken by the Paris Club. The signing of the agreement was held in Batumi in August 2006 during the meeting of the Azerbaijani-Georgian intergovernmental commission on economic issues. $2 m. are expected to be paid by the Georgian Government to Azerbaijan till the end of 2007, the rest of the total sum the Georgian party will pay within 2011-2025. The periodicity of the payment is one time a half of a year, with the interest of 3 per cent. The fine for nonpayment is 3.5 per cent per annum.
The total volume of the Georgian debt to Azerbaijan, according to the official Tbilisi, made up $13.286 m.
The ratification of the agreement is expected during the plenary sitting of the Georgian Parliament after October 10 when the hearings will be commenced.