IMF, WB and ADB discussing support for structural reforms in Baku (UPDATE-1)
details added (first version posted at 15:59)
Baku, Azerbaijan, Jan. 28
By Anvar Mammadov - Trend:
The Azerbaijani government has held discussions with an enlarged mission consisting of the IMF, WB and ADB representatives, the Azerbaijani finance ministry said Jan. 28.
The sides have discussed various forms of support for the structural reforms to be held in Azerbaijan.
"Taking into account a sufficient amount of foreign currency reserves, the views on the scope of structural reforms to be held by the Azerbaijani government and the possible outcome were exchanged during the talks," he said. "In this regard, the possible forms of assistance to the Azerbaijani government were discussed."
The negative impact of falling oil prices on the Azerbaijani economy, countermeasures undertaken by the government, as well as the priorities in the economic policy, challenges facing the country were discussed as part of the meeting, the statement said.
Moreover, the consultations were held regarding the technical assistance to be provided by the IMF and other institutions.
Azerbaijan joined the IMF in 1992. The cooperation was particularly intense in 1995-2005. During these years, Azerbaijan often used IMF's advisory and financial assistance to support the government's economic programs.
Azerbaijan attracted IMF's loans worth $577.3 million for realizing six various programs as part of economic reforms till 2005.
The cooperation between IMF and Azerbaijan was particularly intense between 1995 and 2005
Azerbaijan joined the WB in 1992. During the cooperation period WB allocated over $3 billion to the country to implement more than 50 projects.
ADB was founded in 1966 and has 67 members. The bank's headquarters is located in Manila, the capital of the Philippines. Azerbaijan became ADB member on December 22, 1999. The country's share in the bank's capital is 0.5 percent.
ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).