Vakhid Ahmadov: IBA recovery will take place at the expense of the people
2017 May 16 ( Tuesday ) 12:40:41
Baku / 16.05.17 / Turan: The International Bank of Azerbaijan (IBA) is to recover and be privatized, member of the parliamentary committee on economic policy Vahid Ahmadov said in an interview with Turan. Commenting on the crisis around this country's largest financial institution, he noted that in recent years, the IBA has "had the most negative impact on the country's financial sector." "The IBA has a lot of non-working assets, foreign accounts payable, bad loans. In addition, large funds of business, state and citizens are placed there. Therefore, the rehabilitation of this bank has become vital."
The state took over the IBA's debts to foreign creditors and it will be paid for either by the state budget, or the Oil Fund. In any case, it's people's money. However, according to the deputies, the privatization after the recovery may cause interest of foreign investors and attract currency into the country.
In early May, the IBA appealed to the New York court to restructure its debt to foreign investors in the United States. In turn, the state undertook obligations to repay the bank's debts. -05B06-