IMF to shut local branch by year-end – report
The International Monetary Fund (IMF) is expected to
shut its office in Azerbaijan by the end of 2009 due to the lack of
joint financial programs and the need to cut costs, the local Turan
news agency reported.
Work has begun to prepare for the departure of IMF representative Koba Gvenetadze from Azerbaijan. However, one or two of the six employees in the Baku office may stay in the country to deal with issues involving the Fund and the Azerbaijani government, according to officials.
Azerbaijan joined the IMF in September 1992. The country has received funds worth $363 million, including $248 million in concessional loans, from the Fund. The credits have been allocated in tranches under various economic reform programs. The latest allocation was completed in 2005. Since then, Azerbaijani authorities have refused to accept IMF lending, saying the country has achieved a high level of financial growth, and sought only technical assistance from the organization.
Azerbaijan`s obligations to the IMF currently amount to about $40m.
The IMF will be the first major financial institution to close down its office in the South Caucasus republic.
Work has begun to prepare for the departure of IMF representative Koba Gvenetadze from Azerbaijan. However, one or two of the six employees in the Baku office may stay in the country to deal with issues involving the Fund and the Azerbaijani government, according to officials.
Azerbaijan joined the IMF in September 1992. The country has received funds worth $363 million, including $248 million in concessional loans, from the Fund. The credits have been allocated in tranches under various economic reform programs. The latest allocation was completed in 2005. Since then, Azerbaijani authorities have refused to accept IMF lending, saying the country has achieved a high level of financial growth, and sought only technical assistance from the organization.
Azerbaijan`s obligations to the IMF currently amount to about $40m.
The IMF will be the first major financial institution to close down its office in the South Caucasus republic.
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