Azerbaijan amends regulations on fund for guaranteeing state debt obligations

BAKU, Azerbaijan, February 24. Azerbaijan is
amending the “Rules for the Management, Accounting, and Use of the
Fund for Guaranteeing Public Debt Obligations and Guarantees,”
Trend reports.

According to the information, this decision was approved by a
resolution of the Cabinet of Ministers of the Republic of
Azerbaijan on April 10, 2008.

The relevant decision was signed by Prime Minister Ali
Asadov.

According to the decision, in compliance with the law "On the
budget system", if budget loans granted from the state budget to
the budget of the Nakhchivan Autonomous Republic, local budgets,
budget organizations, public legal entities established on behalf
of the state and other legal entities receiving financial
assistance from the state budget cannot be repaid by those entities
during the year, the Ministry of Finance may use the fund's funds
to close (repay) the budget loans granted.