Azernews.Az

Soaring fuel and food prices in world markets will have no major impact on oil-rich Azerbaijan, the International Monetary Fund (IMF) says.
Its report said the country will be largely unaffected by the crisis. High prices on fuel will result in a sharp increase in currency reserves, which will reach the amount of Azerbaijan`s 17-month imports.
The IMF has altered its projection for 2008 on the hikes in world crude prices. Last year, the fund predicted average oil prices at $95 but later raised the figure to $112 after price hikes followed. As for the 2009 forecast, IMF experts are expected to change the projection from $94.5 to $116.25.
IMF has said crude prices have quintupled in the past five years, surpassing a record high registered back in 1979 by 35%.
The fund estimates that the current price levels will cause problems for 33 importers of foodstuffs and 59 underdeveloped states buying fuel.
The fluctuations in oil prices were high on agenda at the G8 summit in Japan on Monday. The G8 members have all expressed concern over the current unreasonably high prices.
Crude prices have sky-rocketed from $70 to $145 since the last meeting of the world`s industrialized nations in 2007. With the exception of Russia, all countries included in G8 are major oil importers.