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IMF To Quit Azerbaijan

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  • IMF To Quit Azerbaijan

    IMF TO QUIT AZERBAIJAN

    http://www.eurasianet.org/departments/ news/eav100609c.shtml
    10/06/09

    The International Monetary Fund apparently is closing its office
    in Azerbaijan, according to Azerbaijani media reports. Baku, which
    continues to benefit from windfall energy-export profits, apparently
    has little interest these days in working with international lenders
    on new projects.

    Unidentified members of the IMF office in Baku, cited by the Anspress
    news agency on October 6, said that the Fund had recalled its resident
    representative and laid off staff. The IMF representatives reportedly
    said that, given the lack of ongoing programs in the country, keeping
    an office open was not justifiable, Anspress reported.

    The IMF website contains no public announcement about such a
    decision. The IMF has funneled $600 million in aid to Azerbaijan
    since 1993. Baku plans to repay a remaining debt of $40 million to
    the IMF by 2014, the APA news agency reported.
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