Azerbaijan not to appeal IMF for financial aid: minister
Azerbaijan, Baku, March 19 / Trend , N.Ismaylova /
Azerbaijan does not intend to appeal to the International Monetary Fund (IMF) for financial assistance, Samir Sharifov, minister of finance of Azerbaijan, said on March 19.
"Currently Azerbaijan has no problems with IMF and we are not going to appeal to the Fund like other countries suffering global crisis," the Minister said.
According to the minister, under the conditions of the global financial crisis, the funds of the IMF do not cover the needs of the countries, which faced crisis. Now in some European countries the situation approached default, and urgent financial support must be provided to these countries in order to remove it, said Sharifov.
"Basic task of the IMF is to provide liquidity, and therefore, G20 countries made a decision to increase capital of the Monetary Fund at the expense of its own monies, said Sharifov. - These economically developed countries discussed a number of questions, connected with the crisis, including the question of the capitalization of IMF".
According to the minister, thus, the Fund will be provided with finance to further transfer them to the countries in need.
For already four years, the government of Azerbaijan has been co-operating with the IMF at the level of consultations within article IV. Therefore, already the prospects for co-operation on the program basis practically are not touched upon during the visits. Furthermore, the amount of technical assistance, provided by the IMF in different directions, also increases.
Azerbaijan joined to the IMF on September 18, 1992, and the quota of the Republic in the Fund is 160.9 million SDR ($248 million). As of January 1, 2008 the debts of Azerbaijan before the Fund totaled $100.6 million. In 2008-2013 Azerbaijan will pay 55.96 million SDR ($88.9 million ) to the Fund within repayment of the credits obtained formerly.Do you have feedback? Contact our journalist at: [email protected]