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Last week review (Oct. 7 -11)

Analysis Materials 17 October 2013 11:22 (UTC +04:00)

Oct. 7

Cabinet of Ministers holds meeting

A meeting of the Cabinet of Ministers dedicated to the outcome of the socio-economic development for the first nine months of 2013 and upcoming challenges was held under the chairmanship of Azerbaijani President Ilham Aliyev.

Oct. 9

Azerbaijani gold producer attracts large loan from Dutch bank

Anglo Asian Mining Plc (gold producer in Azerbaijan) has attracted a large loan from the Dutch Amsterdam Trade Bank N.V. (ATB).

Under the terms of the agreement signed between the two structures, ATB will open a credit line worth $37 million for the Azerbaijan International Mining Company LLP which is a subsidiary of Anglo Asian Mining.

The company intends to raise the entire amount at once in order to partially repay the loan attracted earlier from the International Bank of Azerbaijan (IBA) for the construction of a gold processing plant.

At the moment the company's debt to the bank is $48.2 million and after the repayment of its part, the debt to the IBA will reduce to $11.6 million.

The company took this step because of more profitable terms on credit offered by the ATB.

IMF forecasts 3.5 per cent GDP growth in Azerbaijan in 2013

The International Monetary Fund (IMF) forecasts real GDP growth at 3.5 per cent in Azerbaijan as of 2013, the IMF's October forecast from the Word Economic Outlook reported.

According to the report, GDP growth rate will increase to 5.6 per cent in 2014.

According to the forecast, the unemployment rate in Azerbaijan in 2013 and 2014 will remain at six per cent.

Oct. 10

"Azerbaijan in 10 years" exhibition held in Baku

"Azerbaijan in 10 years. Socio-economic development: the execution of state programs" exhibition was held in Baku, the Azerbaijani Economic Development Ministry reported.

Oct. 11

Deputy Minister: Negotiations of Azerbaijan's accession to WTO postponed

The next round of negotiations on Azerbaijan's accession to the World Trade Organization (WTO) was postponed to the first quarter of 2014. Earlier, the meeting with the WTO's working group was scheduled for late October and early November 2013, the head of the negotiation group, Deputy Foreign Minister of Azerbaijan Mahmud Mammadguliyev said.

According to him, the postponement of the negotiations is due to Organization's being busy with the countries that are in the very last stage of accession to the WTO.
"Everything was prepared by us. All documents that were necessary to submit are already in the WTO secretariat, " the Deputy Minister said.

The Azerbaijani side has sent the answers to all questions that were addressed to the country following the previous working meeting, as well as tables related to multilateral negotiations on agriculture.

Azerbaijan participates in annual meeting of WB and IMF Board of Governors

The delegation of the Azerbaijani Finance Ministry left for Washington to participate in the annual meeting of the World Bank (WB) and the International Monetary Fund (IMF) Board of Governors, the ministry said.

"The delegation led by the First Deputy Minister of Finance Ilgar Fatizadeh will stay in the U.S. from October 11-13, the ministry said.

The governor from Azerbaijan at the WB is the Minister of Economic Development Shahin Mustafayev and at the IMF - the Finance Minister Samir Sharifov will represent the Republic.

The agenda of the meeting includes issues related to current threats to the global economy, prospects of global economic development, as well as fighting poverty and other issues.

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