Azerbaijan may lose billions from sliding crude prices - WB
A decrease by $10 a barrel in the price of oil may
result in losses as high as $3 billion a year for Azerbaijan, the
World Bank Regional Vice-President, Shigeo Katsu, said in Baku last
week.
"This is a high figure for Azerbaijan, given that the oil price has fallen from $147 to about $50 in a short time," he said.
The WB executive said the recent slides in world crude prices might bring about a reduction in the oil-rich South Caucasus republic`s budget revenues. He noted, however, that the global financial crisis is not likely to have a significant impact upon the Azerbaijani economy.
Katsu emphasized that the worldwide financial crunch would not affect cooperation between the World Bank and the Azerbaijani government. "There will be no problems with the execution of joint projects."
According to the WB vice-president, 186 countries are currently members of the bank, of which 100 are borrowers of funds.
In light of the financial crisis, the WB will raise the amount of available loans by $100 billion over the next three years. In addition, the International Finance Corporation (IFC), a member of the World Bank Group, will focus on providing relief to the private sectors of WB member states.
Azerbaijan has been cooperating with the WB since 1992 and has received financial aid worth some $2 billion.
"This is a high figure for Azerbaijan, given that the oil price has fallen from $147 to about $50 in a short time," he said.
The WB executive said the recent slides in world crude prices might bring about a reduction in the oil-rich South Caucasus republic`s budget revenues. He noted, however, that the global financial crisis is not likely to have a significant impact upon the Azerbaijani economy.
Katsu emphasized that the worldwide financial crunch would not affect cooperation between the World Bank and the Azerbaijani government. "There will be no problems with the execution of joint projects."
According to the WB vice-president, 186 countries are currently members of the bank, of which 100 are borrowers of funds.
In light of the financial crisis, the WB will raise the amount of available loans by $100 billion over the next three years. In addition, the International Finance Corporation (IFC), a member of the World Bank Group, will focus on providing relief to the private sectors of WB member states.
Azerbaijan has been cooperating with the WB since 1992 and has received financial aid worth some $2 billion.
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