ECONOMY


IBA’s foreign liability restructuring plan adopted

Baku, July 18, AZERTAC

Creditors of the International Bank of Azerbaijan (IBA) adopted a voluntary restructuring plan of foreign liabilities at a general meeting.

The plan will come into force after approval by the Financial Market Supervisory Authority (FIMSA) and Nasimi District Court.

The Azerbaijani government supports the restructuring of IBA’s foreign liabilities by exchanging financial debts for direct sovereign liabilities of the state. As a result of this exchange, creditors will receive securities with a higher credit rating.

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