IMF says not to allocate loan to Azerbaijan as there is no request (UPDATE)
Details added (first version posted at 16:46)
Baku, Azerbaijan, Sept. 13
By Anvar Mammadov – Trend:
The International Monetary Fund (IMF) has no plans to resume lending to Azerbaijan in near future as the Azerbaijani government has not requested this from IMF, said Jihad Azour, director of the IMF Middle East and Central Asia Department.
“As you know, we have two instruments to support countries – loans and technical assistance. Azerbaijan has not requested a loan from us. As for technical assistance, we provided it to the Ministry of Finance to prepare fiscal regulations and reduce the budget deficit,” Azour said at a press conference in Baku Sept. 13.
“We also provide technical assistance to the Central Bank of Azerbaijan in several areas, in particular in management of monetary policy.”
The IMF office was opened in Baku in 1992. In 1995-2005, IMF allocated loans worth $577.3 million to Azerbaijan. Azerbaijan fully repaid the loans.
There has been no need for Azerbaijan to apply to the IMF for financial resources since 2005. Therefore, since 2006, the IMF and Azerbaijan have cooperated within framework of consultations and technical assistance in main areas of macroeconomic policy.