Azerbaijan, Baku, March 7 / Trend N.Ismayilova /
Azerbaijan's foreign debts reached $3.857 billion on Jan. 1, which makes up 7.42 percent of the GDP, the Finance Ministry reported.
The country's foreign debts increased by 12.7 percent compared to the same period in 2010. The figure was $3.421 billion, or 7.95 percent of the GDP.
Limits on external borrowing for 2010 was set at 2.5 billion manat.
Limits on payments on public external debt in 2010 amounted to 208.717 million manat, including accrued interest of 122.872 million manat and 85.845 million manat of the principal.
A secure fund has been established in the state budget to implement commitments on foreign debt. The fund's reserve was approved at $100 million manat in 2010. The average annual amount of funds must not be below 25 percent of the total financial commitment under the state guarantees on secured loans and the debt expected during the reporting period.