IMF: "Azerbaijan to earn 200 billion petrodollars"

Basil Zavoico, the IMF's representative in Azerbaijan, said Azerbaijan should learn the international know-how, comparing the lesson of Saudi Arabia and Nigeria. He said Saudis managed the process and earned 35% more within 10 years.

"The inflation rate had been two-digit but this nation could beat and slowed down to single figures while Nigeria is still enjoying the two-digit rate," he noted.

He said the situation in Azerbaijan is similar to the both. He said the country is having sharp increase in influx of oil revenues between 2005 and 2010 and the oil output will gradually go down to the 2-years-ago level after 20 years.

"Azerbaijan will earn a total of $200 billion in oil revenues," he added.

He expressed concern that this rate of public expenditure increase may cause inflationary pressures, saying the government should reduce spending after 4-5 years. APA-Economics