BAKU, Azerbaijan, Aug.24
By Zeyni Jafarov - Trend:
The International Monetary Fund (IMF) has allocated 375.4 million Special Drawing Rights (SDR) to Azerbaijan as part of long-term global needs and economic resilience, Trend reports with reference to the IMF.
The fund allocated $650 billion to the member countries for addressing the long-term global needs and the stability of the world economy.
"The largest-ever allocation of Special Drawing Rights (SDR) equivalent to about $650 billion became effective. The allocation will be a major boost to the global economy and, if used wisely, a unique opportunity to tackle the current unprecedented crisis,” the IMF Managing Director Kristalina Georgieva said.
According to Georgieva, thanks to the distribution of SDRs, the world economy will receive additional liquidity by replenishing foreign exchange reserves of countries and reducing their dependence on more expensive domestic or foreign borrowing.
States can use the resources provided in the SDR allocation to support the national economy and strengthen the fight against the crisis.
Azerbaijan's quota in the IMF is 391.7 million SDR (about $555 million), and the share makes up 0.08 percent of all the assets.
The IMF predicts Azerbaijan's GDP growth this year at 2.3 percent, and 1.7 percent in 2022.
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