WB May Cease Lax Credits for Azerbaijan in 2008 Fiscal Year
Azerbaijan, Baku /corr. Trend I.Khalilova / The World Bank (WB) intends to provide two lax credits for Azerbaijan in the 2008 fiscal year, a source at the WB Baku office stated. Two $20mln credits are planned to be allocated in line with the International Development Association (IDA) for the projects on accountability in the corporate and State sectors of Azerbaijan (CAPSAP) and the third stage of the reforms in the education system. Devising the CAPSAP project is coming to an end, but as regards to the continuation of the reforms, the WB has newly begun talks with the Education Ministry of Azerbaijan. Up until now, the WB has allocated $23mln for the social sector.
If the limit for the IDA credits for Azerbaijan in the 2007 fiscal year was nearly $80mln, the WB strategy initially allocated $50mln for 2008. It was stated at WB Baku office that the amount of the lax financing for the WB member-countries, which have joined the group of IDA credits, has not yet been specified.
In 2007, Azerbaijan did not use the lax credits of the Bank and in 2008 it will depend on the level of preparation of the projects.
Within its partnership strategy with the Government of Azerbaijan, the WB intends to cease lax finances for the country. The countries where the amount of the GDP per capita does not exceed $1,280 are referred to as this category. Azerbaijan has already exceeded the figure.