Minister of Finance of the Republic of Azerbaijan Samir Sharifov made a business visit to the Islamic Republic of Pakistan, the United Arab Emirates (UAE) and India on February 19-21***As of January 1st, 2018, the external public debt of the Republic of Azerbaijan constituted 9,398.3 million US dollars (equivalent 15,978.1 million manat). The Debt to the Gross Domestic Product ratio stands at 22.8 percent (based on 2017 GDP of AZN 70,135.1 mln)******

Ministry of Finance recommends referring to official data in statements about IBA

Ministry of Finance recommends referring to official data in statements about IBA

31.05.2017

Some media outlets are publishing statements such as “Main reason for a decision on suspension of the implementation of obligations by the International Bank of Azerbaijan (IBA) is devaluation of manat” on behalf of minister of finance Mr. Samir Sharifov referring to mass media of Kazakhstan that cited a quotation from minister of finance of this country Mr. Bakhyt Sultanov.
The public relations section of the Ministry of Finance recommends news agencies to refer to information and press-releases posted on the website of the ministry and other official sources in release of such news (See the links to official sources below).
It is indicated in those sources that criminal offences that were a subject of court committed by some individuals represented in management of the bank until March of 2015, as well as allocation of irrevocable and hopeless loans in flagrant violation of limits on credit risks imposed a negative impact on activity of IBA and seriously impaired the financial position of the bank.
Chairman of the Steering Board of the Bank Mr. Khalid Ahadov also stated that criminal offences of some individuals represented in management of the bank until March of 2015 impaired the financial position of the bank and led to losses during the meeting with foreign creditors of the bank in London in relation with voluntary restructuring of foreign debts within the recovery of IBA on May 23.
Of course, depreciation of exchange rate of AZN has also imposed a negative impact on the financial situation of IBA as with other banks operating in the country, nevertheless it is completely unfounded to indicate this fact as the main reason of IBA case.

(http://maliyye.gov.az/node/2036 )
(https://www.ibar.az/az/news/londonda-az-rbaycan-beyn-lxalq-bank-n-n-xarici-kreditorlar-il-goru-kecirilib/ )
(https://www.ibar.az/az/news/azerbaycan-beyn-lxalq-bank-n-n-i-dar-hey-tinin-s-dri-xalid-h-dovun-musahib-si/ )
(http://apa.az/maliyye_xeberleri/maliyye-nazirliyi-beynelxalq-bankin-sabiq-sedrinin-ittihamlarina-cavab-verib.html )