Azerbaijan, Baku, May 20 /Trend, N.Ismayilova/
In 2009, domestic and external borrowing of Azerbaijan was maintained within the established limit of 2.2 billion manat for domestic and 2.5 billion manat - external public debt of the country, the head of the Accounting Chamber of Azerbaijan Heydar Asadov said in his conclusion on the report on execution of 2009 public budget.
"In fact, external borrowing of the country last year was carried out at a level below the limit, and the increase in domestic debt compared to 2008 was characteristic for 2009," Asadov said.
According to Asadov, despite the growth of external public debt, the ratio of parameter of public debt/GDP differs from the previous years. In 2009, the gross domestic product was slightly lower than 2008, but at the same time, there was an increase in external public debt.
"However, Azerbaijan is far from the critical plank of this index," said Asadov.
As of Jan.1, 2010, foreign debts of Azerbaijan reached $3421.8 million which makes up 7.95 percent of GDP, the Finance Ministry reported
Foreign debts hit $380.3 per capita
Loans worth $646.8 million were used in 2009. The cost of servicing external debt amounted to $287.7 million. The share of the main debt hit $220.3 million, and interests - $67.5 million. Some $107.7 million were allocated on repayment of loans through budgetary funds.
Of foreign debt, 9.55 percent ($326.91 million) fell on loans aimed at economic reform, with $61.96 million (1.81 percent) borrowed from the IMF, $264.96 million (7.4 percent) from WB.
Most of the loans worth $3.094.86 billion (90.45 percent) was attracted to finance investment projects. Some 39.74 percent ($1.3598 billion) of these funds is directed towards energy sector, 3.65 percent ($124.78 million) in agriculture, 25.38 percent ($868.48 million) to the road construction and transport, 9.05 percent ($309.81 million) reclamation and water supply, 6.06 percent ($207.34 million) to the chemical and oil and gas sector, 4.5 percent ($153.94 million) social sphere and 2.07 percent ($70.71 million) other areas
Exchange rate on May 20 is 0.8036 AZN/USD.