Baku, Azerbaijan, March 6
By Abbas Akhundov - Trend:
Azerbaijan repays its debt to the International Monetary Fund (IMF) in line with the schedule and the remainder of the debt on October 1, 2013 stood at $6 million, according to Azerbaijani government's report for year 2013, submitted to the country's parliament.
In 1995-2005, IMF provided Azerbaijan with long-term loans worth $577.3 million to support the economic reform programs. IMF and Azerbaijan have been cooperating since 2006 within the framework of consultation and technical assistance missions on the main domains of macroeconomic policy.
Throughout 2013 seven IMF mission visited Azerbaijan and presented their recommendations to the country's public authorities.
These recommendations focused on such areas as the public debt management, budget classification, fight against money laundering and terrorist financing, and reform in the pension system.
Azerbaijan has agreed to transfer its share (1.65 million special drawing rights (SDR), or about two million manats) of profits derived from the sale of the fund's gold reserves to the IMF Trust Fund for poverty reduction, and facilitating the country's economic growth.
Translated by E.A.
Edited by C.N.