Azerbaijan does not Intend to re-Pay IMF Credits Earlier
Azerbaijan, Baku, 13 March /corr. Trend I.Khalilova / The Government of Azerbaijan does not intend to re-pay the credits obtained from the IMF earlier than the defined period and will continue to re-pay them in accordance with the table, the Head of the IMF mission, Valerie Fiker, said news conference in Baku on 12 March as a result of consultations with the Government of Azerbaijan.
Azerbaijan joined the IMF on 18 September 1992 and Country's quota in the Fund totals 160.9mln SDR ($248mln). As on1 January, Azerbaijan's debt to the IMF made up $100.6mln. In 2008-2012 Azerbaijan will re-pay Fund the formerly obtained credits totaling 55.96mln SDR ($88.9mln).
Azerbaijan's debt to the IMF will not increase because the country refused to obtain further credits, although the Fund suggested future co-operation program Stand-by envisaging support for the macroeconomic stability. However, the Government preferred consultation co-operation.
"The Government does not ask financial assistance from the IMF, but the Fund will continue providing technical assistance," Fiker said.
The payments for IMF credits are made from the currency reserves owned by the National Bank of Azerbaijan. The Government of Azerbaijan does not intend to re-pay the credits obtained from the IMF earlier than the defined period because the Country gains additional profits from their management.
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