Azerbaijan’s obligations to IMF increase
Baku, Azerbaijan, May 4
By Azad Hasanli – Trend:
Azerbaijan's obligations to the International Monetary Fund (IMF) reached almost 366.6 million manat in 2016, which is by almost 10 percent more than as of late 2015, according to the report of the Central Bank of Azerbaijan (CBA).
A general special drawing right (SDR) allocation to member-countries by the IMF became effective in 2009. The allocation is designed to provide liquidity to the global economic system by supplementing the IMF member-countries’ foreign exchange reserves.
The total amount of such funds allocated to Azerbaijan as of late 2016 amounted to 283.03 million manat, which is by 9.5 percent more than in 2015.
Additionally, in 2009, the Fourth Amendment to the IMF Articles of Agreement providing for a special one-time SDR allocation came into force to boost global liquidity.
The amount of such funds for Azerbaijan reached 81.4 million manat as of late 2016, which is by 9.5 percent more than in 2015. These funds are required to conduct various transactions with the IMF.
Azerbaijan has two accounts in the IMF for special purposes. The accounts are used for paying commissions for transactions with the IMF and for covering expenses of IMF representatives during their visit to the member-countries.
The funds in two current accounts of Azerbaijan in the IMF reached almost 2.2 million manat in 2016, which is by 3.2 times more than in 2015.
Azerbaijan's funds in the current account in the IMF increased by 9.54 percent up to 364.4 million manat in 2016.
The International Monetary Fund opened its office in Baku in 1992.