S. Korea ready to share experience with Azerbaijan in solving issues of problem loans

Mon 20 May 2019 09:11 GMT | 13:11 Local Time

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South Korea is ready to share its experience with Azerbaijan in solving the issue of problem loans, said Kim Tong Op, ambassador of South Korea to Azerbaijan.

He was speaking at an international conference “Solving Problem Loans: Experience of Azerbaijan and Republic of Korea” organized by the Center for Economic Reforms and Communications and the South Korean Embassy in Azerbaijan in cooperation with the Korea Development Institute, Trend reports.

The ambassador said that this conference and exchange of experience will improve and strengthen relations between the two countries.

In his words, from November to December 1997, due to the economic crisis, South Korea attracted a great number of loans from the International Monetary Fund. As a result of intensive development and the correct solution of the issue of problem loans, South Korea managed to overcome the crisis, the ambassador noted.

In March 2019, the value of problem loans in Azerbaijan decreased by 8.9 percent or 152.2 million manats compared to the same period last year, reaching 1.56 billion manats, according to the Central Bank of Azerbaijan. The share of overdue loans for the same period decreased from 14.7 percent to 11.9 percent.

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