Minister: Azerbaijan cautious over donation to International Development Association
Azerbaijan, Baku, 21 June / Trend E.Aliyev /
Azerbaijan has adopted a cautious approach to the issue of donation to the International Development Association (IDA), Azerbaijan's Minister of Finance Samir Sharifov said.
"The government has not yet issued a decision on the allocation of funds for fulfillment of donor commitments to IDA. All I can say now is that Azerbaijan has lost access to the resources of IDA in accordance with the rules of the World Bank (WB) and has moved into the category of countries with access to resources of IBRD (International Bank for Reconstruction and Development) only," he said.
The issues of donation should be approached carefully, after weighing all the pros and cons, the minister added.
Earlier, the World Bank has invited Azerbaijan to join the initiative for help to the poorest countries. This was stated at a meeting of the Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov with a delegation led by the World Bank Vice President for concessional financing and operation of the International Development Association (IDA), Joachim von Amsberg.
The International Development Association is a credit institution, part of the World Bank. The organization's purpose is to help the poorest countries through voluntary donations of member countries. The right to obtain loans from the IDA is provided to the countries with GDP per capita less than $1165.