Baku. 7 November. REPORT.AZ/ If foreign liabilities of "International Bank of Azerbaijan" OJSC are not taken into account, amount of state debt in foreign currency has not increased.
Report informs, finance minister Samir Sharifov said.
"The only factor that increases Azerbaijan's debt is the loans taken in regard with the Southern Gas Corridor (SGC) project. These loans are not taken by the state, but by the state-owned Southern Gas Corridor CJSC. There is international support for this project. Southern Gas Corridor is a great project and in this project, Azerbaijan needs in financial and general support of international financial institutions. The state guarantees such projects. The guarantees increase, which shall be deemed as temporary steps. We will take measures to get back guarantees after launching of the projects", he noted.
Moreover, according to Sharifov, Azerbaijani government has drafted a long-term state debt service strategy: "The main goal is to reduce amount of borrowing and develop debt repayment schedule in order to prevent great burden on state budget. But that does not mean we will not borrow. It's not right approach. All the states in the world take loans. We will stabilize debts and try to keep them at certain level".