The situation with approval of voluntary restructuring plan of foreign obligations of the International Bank of Azerbaijan (IBA) by foreign creditors will be clarified by mid-July, Azerbaijan’s Finance Minister Samir Sharifov declared on June 13.
“We have already informed the public about the negotiation process,” said the minister.
Earlier, the IBA commenced a process of voluntary debt restructuring as part of its rehabilitation. The bank’s total debt to foreign creditors is $3.3 billion.
The International Bank of Azerbaijan has been operating since 1992 and is one of the country’s two state-owned banks. (Trend/Business World Magazine)