It was decided to give 150 million manat to shareholders in the form of dividends.
"Although the 2020 state budget predicts the payment of dividends by the International Bank of Azerbaijan (IBA) to the state budget, due to the Bank's net profit in 2019 of 215.7 million manat, 150 million manat of this amount will be spent," he said. It was decided to pay dividends to shareholders.
This is stated in the opinion of the Chamber of Accounts on the draft law "On the implementation of the state budget for 2020" and the annual report on the implementation of the budget.
Taking into account that the share of state-owned shares is 95.15%, the amount of dividends to be paid to the state amounted to 142.7 million manat. This amount was used to offset the debt obligations on securities issued by the non-bank credit organization "Agrarkredit" CJSC with a state guarantee.
As a result, while the obligations under the state-guaranteed bills must be executed from the Guarantee Fund and an agreement must be concluded with the main borrower to recover the appropriate amount, the overdue obligations on the state-guaranteed debt have been offset by state budget revenues.
