Bu ilin birinci r\u00fcb\u00fcnd\u0259 Az\u0259rbaycan\u0131n d\u00f6vl\u0259t borcu 24,5 milyard manat olub. Maliyy\u0259 Nazirliyi qeyd edib ki, borc \u00dcmumi Daxili M\u0259hsulun (\u00dcDM) 18,7 faizin\u0259 b\u0259rab\u0259rdir.<\/p>\n\n\n\n
Bu borcun yaln\u0131z 32,6 faizi, 8 milyard manat\u0131 (4,5 milyard dollar) xarici borcdur. Y\u0259ni d\u00f6vl\u0259t bu pulu xarici maliyy\u0259 qurumlar\u0131ndan v\u0259 ya investorlardan al\u0131b. Qalan hiss\u0259 \u2013 16,5 milyard manat is\u0259 daxili borcdur. Bu, \u0259sas\u0259n d\u00f6vl\u0259tin \u00f6lk\u0259 daxilind\u0259 \u2013 banklardan v\u0259 investorlardan istiqraz (borc ka\u011f\u0131z\u0131) sataraq ald\u0131\u011f\u0131 v\u0259saitdir. Son ill\u0259rd\u0259 borcun \u0259sas hiss\u0259si m\u0259hz bu daxili borclar hesab\u0131na art\u0131b.<\/p>\n\n\n\n
Xarici borcun i\u00e7ind\u0259 3,3 milyard dollar kreditl\u0259rd\u0259n, t\u0259xmin\u0259n 1,4 milyard dollar is\u0259 d\u00f6vl\u0259tin xaricd\u0259 satd\u0131\u011f\u0131 istiqrazlardan (avrobondlardan) ibar\u0259tdir.<\/p>\n\n\n\n
Daxili borca baxanda is\u0259 ilin \u0259vv\u0259li il\u0259 m\u00fcqayis\u0259d\u0259 1,3 milyard manat azalma var. Bu azalma d\u00f6vriyy\u0259d\u0259 olan d\u00f6vl\u0259t qiym\u0259tli ka\u011f\u0131zlar\u0131n\u0131n azalmas\u0131 il\u0259 ba\u011fl\u0131d\u0131r. Amma h\u00f6kum\u0259tin \u00fcz\u0259rin\u0259 g\u00f6t\u00fcrd\u00fcy\u00fc d\u00f6vl\u0259t z\u0259man\u0259tli \u00f6hd\u0259likl\u0259rinin pay\u0131nda d\u0259yi\u015fiklik olmay\u0131b v\u0259 8,8 milyard manat olaraq qal\u0131r.<\/p>\n\n\n\n
T\u0259kc\u0259 ilin ilk \u00fc\u00e7 ay\u0131nda d\u00f6vl\u0259t b\u00fcdc\u0259sind\u0259n borclar\u0131n qaytar\u0131lmas\u0131 \u00fc\u00e7\u00fcn 1,3 milyard manat \u0259sas m\u0259bl\u0259\u011f, \u0259lav\u0259 olaraq is\u0259 132,5 milyon manat faiz \u00f6d\u0259nilib.<\/p>\n\n\n\n
Diqq\u0259t \u00e7\u0259k\u0259n m\u0259qam odur ki, d\u00f6vl\u0259tin qiym\u0259tli ka\u011f\u0131zlar \u00fczr\u0259 \u00f6d\u0259ni\u015fl\u0259ri kredit \u00f6d\u0259ni\u015fl\u0259rind\u0259n daha \u00e7oxdur. Bu is\u0259 sual yarad\u0131r: \u00f6lk\u0259d\u0259 birja bazar\u0131n\u0131n inki\u015faf etm\u0259diyi bir maliyy\u0259 m\u00fchitind\u0259, iqtisadi inki\u015faf\u0131n z\u0259ifl\u0259diyi d\u00f6n\u0259md\u0259 bel\u0259 borclanmalar hans\u0131 riskl\u0259ri yarada bil\u0259r?<\/p>\n\n\n\n
\u0130qtisad\u00e7\u0131 To\u011frul V\u0259liyev deyir ki, d\u00f6vl\u0259t borcunu qiym\u0259tl\u0259ndir\u0259rk\u0259n t\u0259kc\u0259 onun \u00dcDM-\u0259 nisb\u0259tin\u0259 baxmaq kifay\u0259t deyil:<\/p>\n\n\n\n
\u201cY\u0259ni \u00f6lk\u0259 iqtisadiyyat\u0131ndan, onun strukturundan v\u0259 bu borcun hans\u0131 m\u0259qs\u0259dl\u0259 c\u0259lb edilm\u0259sind\u0259n as\u0131l\u0131d\u0131r\u201d.<\/em><\/p>\n\n\n\n Onun s\u00f6zl\u0259rin\u0259 g\u00f6r\u0259, \u0259g\u0259r borc iqtisadiyyat\u0131 inki\u015faf etdirm\u0259k \u00fc\u00e7\u00fcn istifad\u0259 olunursa, bu normald\u0131r:<\/p>\n\n\n\n “Amma haz\u0131rk\u0131 v\u0259ziyy\u0259td\u0259 \u00f6lk\u0259 iqtisadiyyat\u0131 ciddi probleml\u0259rl\u0259 \u00fczl\u0259\u015fib. Son ill\u0259rin n\u0259tic\u0259l\u0259rin\u0259 baxd\u0131qda iqtisadi art\u0131m\u0131n \u00e7ox z\u0259if oldu\u011funu g\u00f6r\u00fcr\u00fck. X\u00fcsusil\u0259, bu il \u00fc\u00e7\u00fcn, \u0259n az\u0131 ilk d\u00f6rd ay\u0131n n\u0259tic\u0259l\u0259rin\u0259 g\u00f6r\u0259 iqtisadi art\u0131m\u0131n, dem\u0259k olar ki, olmad\u0131\u011f\u0131n\u0131 m\u00fc\u015fahid\u0259 edirik. Neft hasilat\u0131 a\u015fa\u011f\u0131 d\u00fc\u015f\u00fcr, eyni zamanda d\u00f6vl\u0259t investisiyalar\u0131n\u0131n h\u0259cmi d\u0259 azal\u0131r”.<\/em><\/p>\n\n\n\n Ekspert deyir ki, borcun t\u0259hl\u00fck\u0259li olub-olmad\u0131\u011f\u0131n\u0131 daha \u00e7ox d\u00f6vl\u0259tin g\u0259lirl\u0259ri m\u00fc\u0259yy\u0259n edir. Haz\u0131rda neft qiym\u0259tl\u0259rinin y\u00fcks\u0259k olmas\u0131 v\u0259ziyy\u0259ti qism\u0259n sabit saxlay\u0131r.<\/p>\n\n\n\n To\u011frul V\u0259liyev h\u0259m d\u0259 bildirir ki, d\u00f6vl\u0259t borcu haqq\u0131nda tam v\u0259 a\u00e7\u0131q m\u0259lumat yoxdur. X\u00fcsusil\u0259 d\u00f6vl\u0259t \u015firk\u0259tl\u0259rinin borclar\u0131 il\u0259 ba\u011fl\u0131 \u015f\u0259ffafl\u0131q a\u015fa\u011f\u0131d\u0131r:<\/p>\n\n\n\n \u201c\u015e\u0259ffafl\u0131\u011f\u0131n olmamas\u0131 n\u0259tic\u0259sind\u0259 \u2018b\u00fct\u00fcn d\u00f6vl\u0259t qurumlar\u0131n\u0131n borcu m\u0259hz budur\u2019 dem\u0259k d\u00fczg\u00fcn olmazd\u0131\u201d.<\/em><\/p>\n\n\n\n Onun fikrinc\u0259, son ill\u0259rd\u0259 h\u00f6kum\u0259t xarici borcu azaltma\u011fa, \u0259v\u0259zind\u0259 daxili borcu art\u0131rma\u011fa \u00e7al\u0131\u015f\u0131r. Y\u0259ni xaricd\u0259n al\u0131nm\u0131\u015f borclar\u0131n bir hiss\u0259si daxild\u0259 \u2013 istiqraz buraxmaqla \u00f6d\u0259nilir.<\/p>\n\n\n\n Bu is\u0259 yeni bir v\u0259ziyy\u0259t yarad\u0131r: d\u00f6vl\u0259t art\u0131q xarici qurumlara yox, daha \u00e7ox yerli banklara borclu olur:<\/p>\n\n\n\n \u201cPrinsip etibaril\u0259 bu iki borc formas\u0131 aras\u0131nda ciddi f\u0259rq olmaya bil\u0259r, \u00e7\u00fcnki \u015f\u0259rtl\u0259r a\u015fa\u011f\u0131-yuxar\u0131 eynidir. Banklar v\u0259saitl\u0259rini harasa yat\u0131rmaq ist\u0259yirl\u0259rs\u0259, bunu d\u00f6vl\u0259t istiqrazlar\u0131na y\u00f6n\u0259ldirl\u0259r. N\u0259tic\u0259d\u0259 d\u00f6vl\u0259t daxili bank sektoru qar\u015f\u0131s\u0131nda \u00f6hd\u0259lik da\u015f\u0131y\u0131r. Bunun yax\u015f\u0131 v\u0259 ya pis oldu\u011funu dem\u0259k \u00e7\u0259tindir. Sad\u0259c\u0259, bu o dem\u0259kdir ki, bank sektoru m\u00fc\u0259yy\u0259n qruplar\u0131n \u0259lind\u0259 toplan\u0131bsa, onlar\u0131n d\u00f6vl\u0259t b\u00fcdc\u0259sin\u0259 t\u0259sir etm\u0259k r\u0131\u00e7aqlar\u0131 yaran\u0131r\u201d.<\/em><\/p>\n\n\n\n \u0130qtisad\u00e7\u0131 hesab edir ki, daha sa\u011flam sistem \u00fc\u00e7\u00fcn \u00f6lk\u0259d\u0259 inki\u015faf etmi\u015f maliyy\u0259 v\u0259 istiqraz bazar\u0131 olmal\u0131d\u0131r. Bel\u0259 bazarda h\u0259m v\u0259t\u0259nda\u015flar, h\u0259m d\u0259 \u015firk\u0259tl\u0259r rahat \u015f\u0259kild\u0259 investisiya ed\u0259 bilm\u0259lidir.<\/p>\n\n\n\n O, h\u0259m\u00e7inin \u015f\u0259ffafl\u0131\u011f\u0131n az olmas\u0131n\u0131 \u0259sas probleml\u0259rd\u0259n biri kimi qeyd edir v\u0259 x\u0259b\u0259rdarl\u0131q edir ki, g\u0259l\u0259c\u0259kd\u0259 riskl\u0259r arta bil\u0259r:<\/p>\n\n\n\n