Azerbaijan, Baku / Trend corr I. Khalilova / The Azerbaijani Government confirmed Koba Gvenetadze's appointment as the head of the International Monetary Fund's (IMF) Baku office, the IMF Baku office reported on 24 October. However, the time for him to take up his duties has not yet been specified, for he has not even arrived in Azerbaijan.
The term of office of the previous head of the representative office, Basel Zavoyko, concluded in June. Although managers are usually appointed for two years with a possibility of extending the office term for an additional year, as an exception, Zavoyko remained in office for four years. That was not a precedent for Azerbaijan, as the manager prior to Zavoyko also was in office for four years.
Currently, the IMF has changed its policy and is employing the heads of representative offices for a term of three years with a possibility of extending the office term to four.
The position remained vacant since June as the new appointment had to be approved by the Azerbaijani Finance Minister, who is the Azerbaijani manager of the Fund.
The IMF's permanent representative office has been functioning in Azerbaijan for fourteen years (since 1993), but cooperation with the Government began in 1992. The organization began crediting Azerbaijan in 1995. Until now, the IMF has allotted credits to Azerbaijan within six programs. But beginning in 2005, cooperation with the IMF has been held at the level of consultations, as the Azerbaijani Government has refused credits from the Fund.