Finance ministry: Azerbaijan welcomes Lagarde's appointing as IMF head
Azerbaijan, Baku, June 30 / Trend I. Khalilova /
The cooperation between the Azerbaijani government and the International Monetary Fund (IMF) headed by Christine Lagarde will continue at a current level, spokesman of the Azerbaijani Ministry of Finance Mais Piriyev said.
The IMF Board of Directors elected Economy and Finance Minister Christine Lagarde as the IMF head.
"Azerbaijan has supported Lagarde's candidacy during the elections," Piriyev said. "We welcome her appointment to this position."
The Azerbaijani government effectively cooperates with all international financial institutions including the IMF. It thinks that the cooperation will continue at a current level during her leadership.
Azerbaijan's cooperation with the IMF has started since 1992. The international organization started lending in 1995. Until now, the IMF has allocated the credits within six programs to Azerbaijan. Azerbaijan will continue paying off the earlier borrowed loans until 2013.
The Azerbaijani government cooperates with the IMF at a level of consultations for over six years.
"At present, the exchange of information between the Azerbaijani government and the IMF is of advisory nature," he said. "Today, Azerbaijan's economic indices increase. It allows the country not borrow funds from the IMF."
Strauss-Kahn, 62 was accused of sexually assaulting and attempting to rape a Manhattan hotel maid on May 14 at New York's luxury Sofitel.
Two candidates: Lagarde and Augustin Carstens were considered.
The countries with a deficit in their balance of payments usually appeal to the IMF.
The current account surplus of the balance of payments amounted to $4.8 billion in Azerbaijan in January-March 2011, and by the end of 2010 reached $ 15 billion.
Last week, board members interviewed the candidates. On Tuesday the Head of the Central Bank of Mexico Augustin Carstens made a speech and on Wednesday - Lagarde.
Lagarde was considered a favorite. The chances of Carstens's success were not high. According to the tradition, the World Bank is led by the Americans, but the IMF - the Europeans.
The elections are a multistep process. Its main complication is that the "basic law" of the fund - the items of the IMF Agreement do not regulate the process of electing. According to the established practice, first, the countries-shareholders hold consultations and nominate their candidates.
The purpose of consultations is to find a compromise figure. After a candidate is determined, the executive directors of the fund, each of which, depending on the weight of the countries, has a certain number of votes, vote for an agreed candidate.