Azerbaijan to allocate $7M to participate in donor organizations

8 December 2019 14:32 (UTC+04:00)

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The Azerbaijani government will allocate $7 million from the budget for membership in international donor organizations next year, Azerbaijani Minister of Finance Samir Sharifov said.

Sharifov made the remark at the event in Baku on the occasion of the 20th anniversary of the country's cooperation with the Asian Development Bank (ADB), Trend reports.

“Some $2 million will be allocated for participation in the ADB donor fund, which will be taken into account in the state budget expenditure for the next year,” the minister said.

“Some $2 million will be allocated for participation in the European Bank for Reconstruction and Development, while $3 million - in the International Development Association,” Sharifov added.

The minister said that this donor activity is Azerbaijan’s contribution to the international development.

Sharifov also stressed that during 20 years Azerbaijan has passed a long way of development in all sectors of the economy, as well as in the social and cultural spheres through financial assistance from international organizations, including ADB, which issued the loans, grants and technical assistance in the spheres of finance, infrastructure, healthcare and education.

In particular, the minister reminded that when oil prices dropped in 2015, which affected the national economy, the ADB effectively responded and allocated $500 million to the Azerbaijani government to minimize the consequences for the country’s economy.