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IMF proposes Stand-by future cooperation program to Azerbaijan government

Business Materials 10 February 2006 17:02 (UTC +04:00)

The International Monetary Fund (IMF) proposes the Stand-by future cooperation program to the government of Azerbaijan, which provides the support of the macro-economic stability. The issue will be discussed during the Baku visit in April of the IMF mission, the Finance Minister Avez Alekperov told Trend .

В"We are ready to implement the Stand-by program, but without receiving the IMF credit resources. Like previous programs of cooperation, it will be approved by the IMF Board of Directors. We want to work on the consultative basis yet, the Minister said.

As Trend reported earlier, citing the IMF Baku office head Basel Zavoiko, unlike previous programs, the accord with the government will be reached on this program for the credit resources to be used solely in emergency situations. One of such cases may be the sharp oil price drop and in this regard, in case funds will be needed for the budget deficit covering. As the IMF Baku office head noted, the loans will be reserved for Azerbaijan, respectively, in case they are not used, the country will not pay interests on them.

В"It is a new form of cooperation of the government with the Fund, therefore, the negotiation process will drag out. I guess, the talks will finish during this year, Zavoiko noted.

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